Refer to the demand and supply diagram that relates to the health care market. Without health insurance, the equilibrium price and quantity of health care would be:
A. P 1 and Q 1 .
B. P 1 and Q 2 .
C. P 2 and Q 2 .
D. P 2 and Q 1 .
A. P 1 and Q 1 .
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One of the roles of the Fed is to be the lender of last resort.
Answer the following statement true (T) or false (F)
If a firm lowered the price of the product it sells and found that total revenue did not change, then the demand for its product is
A) perfectly inelastic. B) perfectly elastic. C) unit elastic. D) relatively elastic.
Which of the following is true of fiat money?
A) Fiat money is illegal and difficult to counterfeit. B) The raw materials required for the production of fiat money are available only in a few countries. C) Fiat money is not backed by a physical commodity. D) The technology required to produce fiat money is not widely available.