A decrease in the demand for health care would most likely result from:
A. Newer and more costly medical technology
B. More use of defensive medicine
C. An aging population
D. Healthier lifestyles
D. Healthier lifestyles
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If consumers believe the price of iPads will decrease in the future, this will cause the demand for iPads to decrease now
Indicate whether the statement is true or false
Double markup problems arise when
a. upstream firms have no market power b. downstream firms have no market power c. upstream and downstream products are unrelated in demand d. upstream and downstream firm's pricing decisions tend to decrease the demand for the other product
In the case of a beneficial externality
a. marginal private cost is below marginal social cost. b. marginal social cost is above marginal private cost. c. marginal social cost and marginal private cost are equal. d. the free market price is below the socially efficient price.
A supply curve can be thought of as
a. a graphical display of "market potential." b. a graphical representation of the information in a supply schedule. c. showing the maximum quantities that firms are able to produce. d. a forecasting tool. e. All of the above are correct.