The marginal dollar cost to a patient of visiting a doctor when the patient's bill will be paid entirely by insurance is
A) the same as if the patient had no insurance.
B) the value of the care not received by some other patient who couldn't get an appointment.
C) zero.
D) zero only if the patient does not pay the insurance premiums.
C
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In the above table, the opportunity cost of the 2nd pizza is
A) 0 cases of soda per pizza. B) 15 cases of soda per pizza. C) 95 cases of soda per pizza. D) 80 cases of soda per pizza.
If a 1 percent increase in price causes a 2 percent increase in quantity supplied, then supply is
A) elastic. B) inelastic. C) unit elastic. D) infinite.
Why might well-educated economists disagree on appropriate public policy in some situations?
If a binding price floor is imposed on the market for eBooks, then
a. the demand for eBooks will decrease. b. the supply of eBooks will increase. c. a surplus of eBooks will develop. d. All of the above are correct.