Economists who support market-based reforms for health care believe that increased competition among providers of health care would
A) increase costs but increase economic efficiency. B) increase costs and decrease economic efficiency.
C) decrease costs and increase economic efficiency. D) decrease costs but decrease economic efficiency.
C
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If a price floor of $23 were placed on the market in the graph shown, which area represents the surplus that is transferred?
A. B + C + D
B. B + C
C. C
D. B
Which of the following statements is false?
a) Income elasticity of demand is positive for inferior products. b) Income elasticity of demand is negative for inferior products. c) Income elasticity of demand is positive for normal goods. d) None of the above.
What is the purpose of both deregulation and antitrust laws?
(A) To prevent monopolies. (B) To prevent inefficient commerce. (C) To promote government control. (D) To promote competition.
A point on a nation's production possibilities curve represents
A. An undesirable combination of goods and services. B. Combinations of production that are unattainable, given current technology and resources. C. The full employment of resources to achieve a particular combination of goods and services. D. Levels of production that will cause both unemployment and inflation.