Which of the following would be most likely to happen if salaries for physicians were dramatically reduced?
a. Patients would receive better care.
b. Insurance companies would merge.
c. More colleges would offer medical studies.
d. Fewer people would go to medical school.
d. Fewer people would go to medical school.
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If it is said that a currency is undervalued against the dollar, it is meant that:
A) the dollar is worth more of that currency than it would have been under a fixed exchange rate regime. B) the dollar is worth more of that currency than it would have been under a flexible exchange rate regime. C) the dollar is worth less of that currency than it would have been under a fixed exchange rate regime. D) the dollar is worth more of that currency than it would have been under a managed exchange rate regime.
Which of the following is not true for a firm in perfect competition?
A) Price equals average revenue. B) Average revenue is greater than marginal revenue. C) Marginal revenue equals the change in total revenue from selling one more unit. D) Profit equals total revenue minus total cost.