Which of the following is NOT a cause for an oligopoly to exist?
A) economies of scale
B) structural dependence
C) barriers to entry
D) horizontal mergers
B
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Which of the statements below best expresses the relationship between the cost of a medical education and the fees charged by physicians?
A) The greater the average cost of a medical education, the higher will be the fees physicians charge. B) The greater the cost of a physician's education in both money and effort, the higher will be the fees they can legitimately set for their services. C) The greater the cost to physicians of a medical education in both money and effort, the higher will be the fees they will charge in order to recover the costs they incurred. D) The greater the expected cost of a medical education, the fewer physicians there will be and the higher their fees will be.
Any factor that shifts the demand curve to the left but does not affect the supply curve will lower the equilibrium price and raise the equilibrium quantity
a. True b. False Indicate whether the statement is true or false
If demand for drugs is inelastic, then changes in the supply curve through interdiction efforts will dramatically
A. raise equilibrium quantity. B. lower equilibrium quantity. C. lower equilibrium price. D. raise equilibrium price.
Marginal analysis is useful in economics, but not in other areas of life
a. True b. False Indicate whether the statement is true or false