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5 Written questions

5 Matching questions

  1. The fact that most medical care purchases are financed through insurance:
  2. (Last Word) When patents on new medications expire, the market for those drugs:
  3. Under what conditions would an increase in demand lead to a lower long-run equilibrium price?
  4. For a linear demand curve:
  5. In which of the following market structures is there clear-cut mutual interdependence with respect to price-output policies?
  1. a oligopoly
  2. b The firms in the market are part of a decreasing-cost industry.
  3. c change from being monopolistic to being competitive.
  4. d increases the amount of health care consumed by reducing the price of additional units of care.
  5. e demand is elastic at high prices.

5 Multiple choice questions

  1. Goods for which the income elasticity coefficient is relatively high and positive.
  2. people isolate purchases and sometimes make irrational decisions.
  3. both allocative efficiency and productive efficiency are being achieved.
  4. Alex's behavior is consistent with the endowment effect.
  5. creative destruction.

5 True/False questions

  1. A supply curve that is a vertical straight line indicates that:a change in price will have no effect on the quantity supplied.


  2. The MR = MC rule applies:demand is elastic at high prices.


  3. The demand for autos is likely to be:less price elastic than the demand for Honda Accords.


  4. If the demand for farm products is price inelastic, a good harvest will cause farm revenues to:decrease


  5. The primary force encouraging the entry of new firms into a purely competitive industry is:buyer responsiveness to price changes.


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