Which of the following statements is true?
a. With an increase in the demand for health care, the quantity supplied increases but supply does not change.
b. With an increase in the demand for health care, the supply curve shifts to the right
c. With an increase in the demand for health care, the supply curve shifts to the left.
d. With an increase in the demand for health care, the price of the product decreases.
e. With an increase in the demand for health care, the quantity supplied decreases but the supply does not change.
a
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If the demand curve facing a monopolist shifts, then the monopolist's:
A. total cost curve will change, but its variable cost curve will not. B. marginal revenue curve and profit-maximizing level of output will change. C. marginal revenue curve will not change, but its profit-maximizing level of output will. D. marginal revenue curve will change, but its profit-maximizing level of output will not.
If Sam, a farmer in 1963, finds that he needs two bushels of corn to buy what his grandfather bought with one bushel during the 1910–1914 benchmark period, then
a. Sam is twice as well off in 1963 than his grandfather was b. farm productivity has declined by half over this period c. the equilibrium price of corn has obviously doubled d. a price floor that doubles the 1963 market price creates full parity in 1963 e. Sam will have to leave the farm
The Scarcity Principle states that:
A. society will eventually run out of resources. B. some countries have fewer resources than others. C. with limited resources, having more of one thing means having less of another. D. people don't have enough money to buy what they want.
Nations that borrow from abroad to support current investment will
A) always sacrifice future consumption. B) sacrifice future consumption only if the investments are profitable. C) always be better off in the future. D) be better off in the future if the investments are profitable.