Which of the following statements is true about the Canadian health care system?
a. Many Canadians travel to the U.S. in order to receive expensive treatments.
b. Canadians have the option of purchasing private health insurance if they can afford it.
c. Canadian physicians are salaries employees of the provincial health plans.
d. Canadian hospitals have significant excess capacity that is used to treat patients from foreign countries.
e. Canadian physicians are allowed to "balance bill" patients for certain high-cost procedures.
A
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In the figure above, a price of $15 per dozen roses results in
A) a shortage. B) a surplus. C) equilibrium. D) downward pressure on the price of roses. E) an eventual leftward shift of the demand curve and/or rightward shift of the supply curve.
Refer to Figure 4-5. The figure above represents the market for pecans. Assume that this is a competitive market. If the price of pecans is $9, what changes in the market would result in an economically efficient output?
A) The price would decrease, the demand would increase, and the supply would decrease. B) The quantity supplied would increase, the quantity demanded would decrease, and the equilibrium price would decrease. C) The price would decrease, the quantity supplied would decrease, and the quantity demanded would increase. D) The price would increase, the quantity demanded would decrease, and the quantity supplied would increase.
Elasticity of demand equals the ratio of the percentage change in the price of a good to the percentage change in the quantity demanded
a. True b. False Indicate whether the statement is true or false
On the above graph, if the oligopolist's MC curve shifts from MC1 to MC2, the firm will charge:
A. the same price and sell more output; total revenue will increase. B. the same price and sell the same amount of output; total revenue will remain the same. C. a higher price and sell less output; it can't be determined whether total revenue will increase. D. a higher price and total revenue will increase.