The twin problems of the U.S. health care industry are:
A. rapidly rising costs and unequal access to health care.
B. declining quality of health care and the duplication of specialized equipment at hospitals.
C. declining per capita spending on health care and the moral hazard problem.
D. the decline in the number of family physicians and the failure to vaccinate children.
Answer: A
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The above figure depicts the market for video games. If the government imposed a $3 per game tax on sellers, what would be the new equilibrium price paid by consumers after the tax?
A) less than $27 per game B) $27 per game C) more than $27 per game. D) More information is needed to determine if the price is more than, less than, or equal to $27 per game.
In a perfectly competitive market, there are ________ buyers and ________ sellers
A) many; many B) many; few C) few; many D) few; few
The average cost for a typical electric-power-production firm is AC = 100 - 10Q + Q2 where Q is measured in billion kilowatt hours per day. At the current regulated price, consumers demand 4 billion kilowatt hours per day
Is this market a natural monopoly? If demand increases to 10 billion kilowatt hours, is this market a natural monopoly? Explain.
If both demand and supply increase, price will
a. always increase b. always decrease c. increase only if supply increases more than demand does d. increase only if demand increases more than supply does e. decrease only if supply increases less than demand does