Refer to the Article Summary. The article discusses the rising administrative costs of health care
Even if private insurance companies were more efficient and brought administrative costs down, consumers would still pay less than the full cost of medical treatment. This would result in the market equilibrium price of medical services being ________ than the efficient equilibrium price, and the market equilibrium quantity of medical services being ________ than the efficient equilibrium quantity.
A) less; less B) greater; less C) less; greater D) greater; greater
D
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Generally, official poverty measures ignore
A. the impact of taxes. B. the value of in-kind transfers. C. the value of medical expenses that are paid by the government. D. all of these answer options are correct.
Mass production integrates
a. continuous flow and interchangeable parts. b. economies of scale and scientific management. c. the McCallum principles. d. the Taylor premises.
In the game theory model of oligopoly,
a. firms will be successful in colluding to raise prices b. one firm raises its prices, and other firms follow suit c. firms will match other firms' price cuts but not their price increases d. firms may attempt to avoid the worst outcome but may achieve a less-than-optimal outcome e. firms never avoid the worst outcome
The more time a firm gets to adjust to a given price change, the more elastic its supply is
Indicate whether the statement is true or false