Figure 4.5 illustrates a set of supply and demand curves for hamburgers. A decrease in supply and a decrease in quantity demanded are represented by a movement from
A) point c to point a. B) point c to point d. C) point b to point c. D) point a to point d.
B
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The increase in extremely expensive lifesaving treatments is a primary cause of the rise in health insurance because _____
a. people want to protect against low probability, expensive events b. people view insurance as a down payment on a predicable event c. people want to protect against low probability, inexpensive events d. individuals want to protect themselves from being gouged by doctors who know they need a lifesaving operation
The characteristic that distinguishes a monopolistically competitive market from a perfectly competitive market is the:
a. ease of entry. b. number of firms operating in the market. c. degree of government regulation in the activities of the firms. d. differentiation of products. e. extent of market share of each firm.