The principle of marginal decision-making manifests itself in medical markets in many ways. Which of the following statements is not true?
a. It was unnecessary to mandate coverage of routine preventive screening with zero out-of-pocket cost because most people already received that benefit.
b. Balancing incremental benefits with incremental costs is essential for optimal resource allocation.
c. Insurance coverage allows patients to ignore many of the trade-offs that usually go along with consuming scarce resources.
d. Generous insurance coverage with low out-of-pocket costs leads to patients undervaluing the cost the resources used to provide their care - leading to overconsumption.
a. It was unnecessary to mandate coverage of routine preventive screening with zero out-of-pocket cost because most people already received that benefit.
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Technological advancements that increase labor's productivity shift the labor supply curve to the right
Indicate whether the statement is true or false
The ________ interest rate more accurately reflects the true cost of borrowing
A) nominal B) real C) discount D) market
Which of the following will not change the demand for office visits to the physician?
a. unusually cold and damp weather during the winter. b. a change in the price of an office visit. c. layoffs at the local plant causing a decrease in the number of people with health insurance in the community. d. television advertising by drug manufacturers to promote a new over-the-counter influenza treatment. e. they all change the demand for office visits.
The recent increase in popularity of professional basketball has resulted in
a. a decrease in the price of tickets to basketball games b. an increase in the price of professional basketball tickets c. increased competition among pro basketball teams d. a rise in the price of college basketball tickets e. the bankruptcy of some pro basketball teams