Discuss this statement: "Health care is too expensive. The government should limit the prices doctors charge so that everyone can afford health care."
Setting a price ceiling for medical care that is below its equilibrium price will result in excess demand.
Quantity demanded will increase, while at the same time, fewer units of medical care will be supplied at the
price ceiling than at the equilibrium price.
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The following table shows the different quantities sold by a monopolist at different prices
Quantity (units) Price ($) 1,000 14 1,350 12 1,700 10 2,100 8 2,650 6 3,000 4 3,300 2 a) Estimate the total revenue and marginal revenue of the monopolist at the different quantities. b) If the monopolist faces a constant marginal cost of $2.29, what is the optimal output it should produce?
According to your text, what is the major long-run issue facing the European Union?
What will be an ideal response?
Which of the following is generally NOT an example of a zero price?
A. Getting a refill of coffee at a restaurant B. Downloading another MP3 from iTunes C. Watching another movie on Netflix D. Sending another text message
Which of the following is most likely to increase the incentive to invest, produce, and employ others?
What will be an ideal response?