5 Written questions
5 Matching questions
- The fact that most medical care purchases are financed through insurance:
- (Last Word) When patents on new medications expire, the market for those drugs:
- Under what conditions would an increase in demand lead to a lower long-run equilibrium price?
- For a linear demand curve:
- In which of the following market structures is there clear-cut mutual interdependence with respect to price-output policies?
- a oligopoly
- b The firms in the market are part of a decreasing-cost industry.
- c change from being monopolistic to being competitive.
- d increases the amount of health care consumed by reducing the price of additional units of care.
- e demand is elastic at high prices.
5 Multiple choice questions
- Goods for which the income elasticity coefficient is relatively high and positive.
- people isolate purchases and sometimes make irrational decisions.
- both allocative efficiency and productive efficiency are being achieved.
- Alex's behavior is consistent with the endowment effect.
- creative destruction.
5 True/False questions
A supply curve that is a vertical straight line indicates that: → a change in price will have no effect on the quantity supplied.
The MR = MC rule applies: → demand is elastic at high prices.
The demand for autos is likely to be: → less price elastic than the demand for Honda Accords.
If the demand for farm products is price inelastic, a good harvest will cause farm revenues to: → decrease
The primary force encouraging the entry of new firms into a purely competitive industry is: → buyer responsiveness to price changes.