A surgeon charges $5,000 for a procedure. His contract with your insurer sets an allowed fee of $3,000. You are responsible for 25% of the allowed fee. How much do you pay?
What will be an ideal response?
$750
Economics
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What area in the above figure is the producer surplus at the efficient quantity?
A) A B) A + B + C C) F D) D + E + F
Economics
Is it possible to have a production function that exhibits both a diminishing marginal product of labor and constant returns to scale? Explain
What will be an ideal response?
Economics
If marginal revenue exceeds marginal cost, profit maximizers should:
a. reduce output until they are equal. b. increase output until they are equal. c. increase output until profits are zero. d. decrease output unless profits are zero. e. maintain current output.
Economics
For a monopolist, when the output effect is greater than the price effect, marginal revenue is
a. positive. b. negative. c. zero. d. maximized.
Economics