Which of the following observations concerning health care service providers is true?
a. Health care providers possess very little market power
b. Price discrimination and collusive behavior are likely to occur.
c. Price discrimination is uncommon in the pharmaceutical industry.
d. "Natural health care monopolies" are a rarity.
b
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Federal tax loopholes in personal income tax provide benefits only to very high-income people.
Answer the following statement true (T) or false (F)
The theory underlying demand and supply curves assumes that, all other things unchanged, the primary variable that assures the equality of the quantities demanded and supplied is:
A) consumer income. B) the preferences of consumers. C) the expectations of consumers and producers. D) price.
If the market price is $5 and you are currently producing at a level where average total cost is $3 and falling, you should:
A. produce until the average total cost and average revenue are equal. B. shut down. C. produce only enough to cover variable costs. D. produce where MR = MC.
Which of the following is NOT an argument against free trade?
A. infant-industry argument B. countering foreign subsidies argument C. comparative advantage argument D. protecting domestic job argument