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5 Written questions

5 Matching questions

  1. The fact that most medical care purchases are financed through insurance:
  2. In answering the next question(s), assume a graph in which dollars are measured on the vertical axis and output on the horizontal axis.
    For a purely competitive firm, total revenue graphs as a:
  3. Josh will receive a salary of $300,000 next year. According to prospect theory:
  4. Because of "mental accounting:"
  5. Allocative efficiency is achieved when the production of a good occurs where:
  1. a P = MC.
  2. b straight, upsloping line.
  3. c people isolate purchases and sometimes make irrational decisions.
  4. d increases the amount of health care consumed by reducing the price of additional units of care.
  5. e Josh will only be happy with that salary if his cost of living has not increased.

5 Multiple choice questions

  1. P > ATC.
  2. creative destruction.
  3. diminishing marginal utility.
  4. prices for their output temporarily fall below their average variable costs of production.
  5. decrease

5 True/False questions

  1. The MR = MC rule applies:to firms in all types of industries.


  2. Anchoringdemand is elastic at high prices.


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


  4. A supply curve that is a vertical straight line indicates that:both allocative efficiency and productive efficiency are being achieved.


  5. In which of the following market structures is there clear-cut mutual interdependence with respect to price-output policies?increases the amount of health care consumed by reducing the price of additional units of care.


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