Based on the graph showing the 2016 U.S. health dollar, most health care dollars go to ______.
a. prescription drugs
b. nursing homes
c. hospital care
d. physician care
c. hospital care
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The data points on a supply curve come from
A) survey analysis. B) the same place from which we get the data points on a demand curve. C) the supply schedule. D) companies' annual reports.
Food and clothing tend to have
a. small income elasticities because consumers, regardless of their incomes, choose to buy relatively constant quantities of these goods. b. small income elasticities because consumers buy proportionately more of both goods at higher income levels than they buy at low income levels. c. large income elasticities because they are necessities. d. large income elasticities because they are relatively inexpensive.
Chuck Grim has a price elasticity of demand for beer of 1.2. Suppose that the price of beer is increased by 10 percent. What will happen to the total amount Chuck spends on beer?
A. It will not change B. It will decrease C. It will increase D. It is impossible to tell
Refer to the above figure. The profit maximizing quantity for a monopolistic competitor is
A) Q1. B) Q2. C) Q3. D) Q4.