Which of the following factors has contributed to rising health care prices in the United States?
A. The supply of physicians per 100,000 people has decreased since 1975.
B. Productivity growth in the health care industry has been negative in recent years.
C. Improvements in medical technology have significantly increased the number of patients
that can be treated each year.
D. The supply of physicians per 100,000 people has risen since 1975, but not as fast as the
increase in the demand for physicians' services.
Answer: D
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Answer the next question on the basis of the following cost data for a perfectly competitive firm.Total ProductAverage Fixed CostAverage Variable CostAverage Total CostMarginal Cost1$100.00$17.00$117.00$17250.0016.0066.0015333.3315.0048.3313425.0014.2539.2512520.0014.0034.0013616.6714.0030.6714714.2915.7130.0026812.5017.5030.0030911.1119.4430.55351010.0021.6031.6041119.0924.0033.0948128.3326.6735.0056Which of the following represents the firm's short-run supply schedule?(1)(2)(3)(4)PQsPQsPQsPQs$5012$5012$5011$50114220421142104210368369369369328328328328206206206206130135130135
A. Table (1) B. Table (2) C. Table (3) D. Table (4)
If there is a duopoly and the products are identical (homogeneous), the firm selling the product for a lower price:
a. will earn less revenue. b. will get 100% of the sales. c. will have a hard time being profitable. d. will be perceived to have lower quality products.
An unexpected import restriction imposed on mangoes by the USDA
A. will increase the price of mangoes in the United States. B. will reduce the price of mangoes in the United States. C. will reduce the price of mango juice in the United States. D. will discourage American producers of mangoes.
The possibility that a borrower will break a promise made to the lender after the loan is made is one form of
A) the moral hazard problem. B) the adverse selection problem. C) outside collateral. D) inside collateral.