One reason the Medicare system costs so much is
A) the amount of medical services is determined by the equilibrium of supply and demand.
B) the supply of medical services does not respond to price changes.
C) supply and demand analysis does not apply.
D) beneficiaries are entitled to receive services for which the per-unit cost exceeds their own personal out-of-pocket payment.
D
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When total utility is at a maximum, marginal utility is zero.
a. true b. false
The voluntary export restraint that the United States negotiated with Japan:
a. violated provisions of the GATT that encouraged countries to avoid using quotas. b. exploited a loophole in the GATT because the quota was administered by the exporting country. c. did not allow U.S. auto producers to raise their prices. d. did not impose any deadweight losses on the United States