For many years, the price of medical care in the United States has:
A. risen at the same rate as the overall price level.
B. risen at a faster rate than the overall price level.
C. risen, but at a slower rate than the overall price level.
D. fallen.
Answer: B
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According to the classification in the text, which of the following is not an industrially advanced country (IAC)?
a. Singapore. b. Hong Kong. c. United Arab Emirates. d. Ireland.
Which of the following conditions does not need to be satisfied in order to practice price discrimination?
a. a perfectly elastic demand curve b. a negatively-sloped demand curve for the firm's output c. the ability to identify customers who are willing to pay more for the good d. the ability to identify customers who are not willing to pay more e. the ability to prevent resale of the good