At what level of output does marginal cost equal marginal revenue?No. units producedTotal RevenueTotal costs0001100502180110325018042902705310380
A. 2
B. 3
C. 4
D. 1
Answer: B
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In order for a single payer system to work adequately, policy makers must be willing to:
a. implement price controls, global budgets, and some method of direct rationing of services. b. close off all patient access to medical care outside the country. c. nationalize the hospital system and make all clinicians government employees. d. make all forms of private insurance illegal. e. make all patient cost sharing illegal.
4 determinants of aggregate demand
What will be an ideal response?
If firms increase their prices because of a change in inflationary expectations, the AS curve will shift to the left.
Answer the following statement true (T) or false (F)
Answer the following statement(s) true (T) or false (F)
1. Distributing goods equally among consumers would be not only fair but efficient. 2. A market price contains no more information about a good than a good social planner would be able to obtain. 3. According to F.A. Hayek, knowledge is lost as statistics are used to convey information. 4. Whether a good is distributed by a social planner or a market system, the area beneath the demand curve out to the quantity available accurately measures the value consumers receive. 5. When allocation decision are not made on the basis of price traditional methods of social gain understate the actual gain to society.