For which of the following medical goods or services is the income elasticity of demand largest?
a. Emergency services after a car accident.
b. Measles shots.
c. Physical examinations for life insurance applications.
d. Medical tests to diagnose specific symptoms.
e. Face-lifts.
e
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Explain how the marginal product and average product of labor change as the labor employed increases (a) initially and (b) eventually
What will be an ideal response?
In the United States approximately 80 percent of millionaires did not inherit their wealth. This illustrates the
a. amount of transitory income in the United States. b. effectiveness of government anti-poverty programs in the United States. c. great economic mobility in the United States. d. level of permanent income in the United States.
Exhibit 8-1 Monopolist's demand curve
?
In Exhibit 8-1, the marginal revenue curve corresponding to the monopolist's demand curve would be a straight line drawn between points:
A. A to B. B. A to D. C. C to B. D. C to D.
An increase in the supply of musicians ________ the number of musicians employed, and ________ the wages paid to musicians.
A. increases; increases B. increases; decreases C. decreases; increases D. decreases; decreases