How different is medical care from other commodities? Arrow based his thesis on a number of characteristics that contribute to the unique nature of medical care. Which of the following characteristics was not one of those he lists?
a. Trust
b. Asymmetric information
c. Primary payment from insurance
d. Preponderance of not-for-profit providers
e. Barriers to entry
d. Preponderance of not-for-profit providers
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In the simplest Keynesian model of the determination of income, interest rates are assumed to be
A) exogenous and to gradually change. B) endogenous and to gradually change. C) exogenous and to remain constant. D) endogenous and to remain constant.
Economists assume that business firms have many goals, and profit maximization is just one of them
a. True b. False Indicate whether the statement is true or false
What is the difference between a price ceiling and a price floor? Compared to the competitive equilibrium price, where must price ceilings and price floors be set to have an effect on the market
What will be an ideal response?
Refer to the information provided in Figure 15.1 below to answer the question(s) that follow. Below are cost curves for Dom's Barber Shop, a monopolistically competitive firm. 
Figure 15.1 Refer to Figure 15.1. If Dom's maximizes profits, its ________ equals $320.
A. total revenue B. profit C. total cost D. variable cost