If consumers paid the full price of medical services instead of using health insurance and third-party payers to cover part of the cost, the quantity of medical services provided would increase
Indicate whether the statement is true or false
FALSE
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Scott and Cindy both produce only pizza and tacos. In one hour, Scott can produce 20 pizzas or 40 tacos. In one hour, Cindy can produce 30 pizzas or 40 tacos. Cindy's opportunity cost of producing 1 taco is
A) 3/4 of a pizza. B) 1 pizza. C) 30 pizzas. D) 40 pizzas. E) 1 1/3 tacos.
A student wrote: "When the average product of labor exceeds the marginal product, the marginal product is increasing." If you were the instructor, how would you correct this statement?
What will be an ideal response?
If MPC is .5 and government spending declines by $10 billion, then GDP will fall by _______.
Fill in the blank(s) with the appropriate word(s).
?For a perfectly competitive firm, ____.
a. ?price is less than marginal revenue at all output levels b. ?price equals marginal revenue at all output levels c. ?price exceeds marginal revenue at all output levels d. ?price is less than marginal revenue only at the profit-maximizing quantity e. ?price equals marginal revenue only at the profit-maximizing quantity