Refer to the below table. Assume that health insurance pays two-thirds the cost of health care. For the consumer, the price and quantity of health care consumed would then be:
Use the table below to answer the question. The table shows the hypothetical demand and supply schedule for health care
A. $300 and 400 units
B. $300 and 600 units
C. $200 and 700 units
D. $200 and 300 units
C. $200 and 700 units
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Which of the following is true about the relationships among various cost curves?
a. When MC exceeds ATC, ATC must be rising. b. When MC exceeds ATC, ATC could be rising or falling. c. When ATC is falling, MC must exceed ATC. d. When TC is rising, MC must exceed TC. e. TC falls when AFC falls.
Unlike a perfectly competitive firm, a monopolistically competitive firm
a. faces a perfectly inelastic demand curve. b. can earn positive economic profit in the short run and in the long run. c. cannot earn positive economic profit even in the short run. d. has a negatively sloped demand curve.
If the increase in government spending is $200 and the multiplier is 2.5, then the change in real gross domestic product will be _____
a. $200 b. $300 c. $500 d. $700
How are changes in opportunity cost predicted to affect behavior?
A) The lower the opportunity cost of doing X, the less likely X will be done. B) The higher the opportunity cost of doing X, the less likely X will be done. C) The lower the opportunity cost of doing X, the more likely X will be done. D) a and c E) b and c