Medicaid covers
A. only procedures performed in doctors' offices.
B. only procedures performed in hospitals.
C. nearly all procedures except abortions, cosmetic surgeries, and weight-loss and hair growth drugs.
D. all procedures performed by doctors.
Answer: C
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Suppose the current price of a pound of steak is $12 per pound and the equilibrium price is $9 per pound. In this case, there is a
A) surplus, so the price falls and quantity supplied increases. B) surplus, so the price rises and quantity demanded increases. C) shortage, so the price rises and quantity demanded decreases. D) shortage, so the price falls and quantity demanded increases. E) surplus, so the price falls and quantity demanded increases.
Lazy Lucy's parents decided that they would only pay her tuition if she passes all her classes. They would stop paying her tuition if she procrastinates and fails her courses. Lucy's parent's decision is a solution to a ________problem
a. Adverse selection b. Moral hazard c. Forced bankruptcy d. None of the above
To maximize sales revenue, an oligopolist will expand output until the elasticity of demand becomes
a. negative. b. zero. c. one. d. infinite.
Which of the following is a similarity between an oligopoly and monopolistic competition? a. Both markets are characterized by mutually interdependent decision making. b. Both markets produce homogeneous products
c. Both markets are controlled by many dominant firms. d. Both markets have firms that compete for market share.