The demand for medical care is especially complex because
A. consumers may have poor information about costs and benefits of care.
B. providers often have a significant influence on what consumers buy.
C. the price of care depends on insurance coverage.
D. All of the above
D. All of the above
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Entry in a perfectly competitive market
A) shifts the market supply curve rightward. B) decreases the market price. C) shifts the market supply curve leftward. D) Both answers A and B are correct.
Refer to Figure 12-3. Suppose the prevailing price is P1 and the firm is currently producing its loss-minimizing quantity. Identify the area that represents the loss
A) P2 deP1 B) P3cbP1 C) 0P1 bQ1 D) P3caP0
Currency and checkable deposits are
A. the major components of money supply M1. B. assets of the Federal Reserve Banks or of financial institutions. C. of intrinsic value that determines the relative worth of money. D. redeemable for gold and silver from the Federal Reserve System.
Despite the fact that water is necessary to sustain life, it is less expensive than milk. Economic theory suggests that this is so because
A. there is a conspiracy among milk producers to hold prices artificially high. B. sellers of water hold the price of water artificially low because of its importance. C. although the total utility of water consumption is high, its marginal utility per dollar spent is low when compared to milk. D. consumers are irrational.