Recipients of Medicare tend to demand a greater quantity of low-value, high-cost services because
A) the services are readily available.
B) recipients are coerced into demanding such services.
C) the government mandates that they demand such services.
D) the services are heavily subsidized.
Answer: D
You might also like to view...
If price is regulated in a 2-firm oligopoly modeled along the Hotelling line, firms will compete by differentiating their products.
Answer the following statement true (T) or false (F)
Suppose the quantity of x is measured on the horizontal axis. If the price consumption curve is vertical when the price of x changes, then the demand for x is
A) perfectly elastic. B) perfectly inelastic. C) unit elastic. D) There is not enough information to determine the price elasticity of demand for x.
Opportunity cost refers to how many inputs a producer requires to produce a good
a. True b. False Indicate whether the statement is true or false
If the price of a good decreases by 10% and the quantity demanded remains unchanged, then at that price, the good is
A. perfectly elastic. B. inelastic. C. perfectly inelastic. D. elastic.