Suppose the value of the price elasticity of supply is 4. What does this mean?
A) For every $1 increase in price, quantity supplied increases by 4 units.
B) A 1 percent increase in the price of the good causes quantity supplied to increase by 4 percent.
C) A 1 percent increase in the price of the good causes the supply curve to shift upward by 4 percent.
D) A 4 percent increase in the price of the good causes quantity supplied to increase by 1 percent.
B
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The table above gives the demand for a monopolist's output. Between which two quantities is demand elastic?
A) 6 and 5 B) 5 and 4 C) 4 and 3 D) 3 and 2
At point d in the above figure, the average product of labor equals
A) 15. B) 4. C) 3.75. D) approximately 1.
Which of the following is FALSE concerning the long run?
A) Economists believe that fiscal and monetary policies have no permanent effects on the economy. B) Economists more or less agree that the economy tends to fluctuate around the level that is consistent with full employment. C) In the long run, the unemployment rate returns to its normal level. D) The current account must tend toward balance in the long run. E) None of the above.
Physicians who agree to accept Medicare's approved payment as full payment are participating providers. Non-participating providers are allowed to balance bill their patients. What does this mean?
a. The physician balances their usual fee equally between Medicare and the patient. b. The patient must pay the entire bill without the assistance of Part B insurance. c. The physician has a guarantee that the patient will pay the balance of the bill left after Medicare pays its approved fee. d. Non-participating physicians can bill the patients the difference between their usual fees and the amount Medicare actually pays (not to exceed 15 percent of the allowable fee)