The marginal cost of additional health care when there are copayments is zero
a. True b. False
b
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One argument for having the government regulate natural monopolies is that without regulation ________.
A. the industry would become perfectly competitive and there would be too many firms in the market to achieve efficiency B. these monopolies produce at a level where price is greater than marginal cost C. these monopolies produce at a level where price is less than marginal cost D. these monopolies usually produce things that are potentially harmful to our health
The above figure shows the market for pizza. Which figure shows the effect of a decrease in the price of a hamburger, which for consumers is a substitute for pizza?
A) Figure A B) Figure B C) Figure D D) Figures B and C
A sale of U.S. government securities by the Fed causes a(n)
A) expansion of the money supply equal to the amount of the securities sold. B) contraction of the money supply equal to the amount of the securities sold. C) expansion of the money supply of more than the amount of the securities sold. D) contraction of the money supply of more than the amount of the securities sold.
Price is the coordinating mechanism in a laissez-faire economy.
Answer the following statement true (T) or false (F)