Clark wishes to buy books and pens. Clark's best choice would be:
a. choosing a consumption bundle that lies above the budget line
b. choosing a consumption bundle that lies below the budget line.
c. choosing the consumption bundle where his highest indifference curve is tangent to the budget line.
d. choosing the consumption bundle where his lowest indifference curve first intersects the budget line.
c
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A demand curve shows the relationship between price and quantity demanded, "other things remaining constant." The other things that remain constant include all of the following except the: a. price of the product
b. price of complementary products. c. price of substitute products. d. number of consumers in the demographic group purchasing the product.
Medicaid payment rates to physicians are significantly below those paid by private insurers. Using the results of a Merritt Hawkins (2014) survey, how do these lower payment rates affect physician access for enrollees?
a. Metropolitan areas with fewer than average number of physicians per capita are more likely to accept new Medicaid patients. b. Despite low payment rates, access to physicians is relatively good across the country. c. Overall, almost 75 percent of physicians accept new Medicaid patients into their practices. d. The average number of days it takes to get an appointment to see a physician is lower where there are more physicians per capita. e. The greater the supply of physicians, the more likely they are to accept new Medicaid patients
The services of real estate brokers are provided in a competitive market. If the state Board of Realtors enacts several requirements that limit the number of real estate brokers, then consumer surplus will most likely
A) increase. B) decrease. C) remain unchanged. D) There is not enough information to answer.
A perfect competitor would
A. never charge above market price but might charge below market price. B. never charge below market price but might charge above market price. C. always charge market price.