The largest single factor contributing to the increase in the health care spending is:
a. increasing administrative costs of health care
b. expanded capabilities of medicine brought about by technological advances
c. increasing prices in the health care sector
d. none of the above
Answer: b. expanded capabilities of medicine brought about by technological advances
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Drug dealers agreeing to sell drugs at a certain price is an example of
A. collective bargaining. B. a monopoly. C. a cartel. D. an entrepreneur.
When prices rise, the purchasing power of money
A) rises. B) falls. C) is unaffected. D) may rise, fall, or be unaffected depending upon circumstances.
If a contestable market has only one seller, which of the following will keep the seller from producing inefficiently and charging a price that generates long-run economic profits?
a. government regulations b. low costs of entry into and exit from the market c. substantial economies of scale that provide a competitive advantage to large firms in such markets d. the threat of a government takeover of the firms in these markets
Optimal consumption is the mix of consumer goods sold that maximizes utility for producers.
Answer the following statement true (T) or false (F)