Evaluate the accuracy of the following statement: Since health care is a necessity, the demand for health care will be perfectly inelastic
Health care is certainly a necessity in almost all cases. However, based on budget or income limitations, it may not be possible for some consumers to afford certain services at higher price levels. Thus demand for health care would be very inelastic - in the range of 0.2 - but not perfectly inelastic at 0.0.
Economics
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In the dominant firm model, the smaller fringe firms behave like:
A) competitive firms. B) Cournot firms. C) Stackelberg firms. D) Bertrand firms. E) monopolists.
Economics
If a business firm in Country A produces a good but does not sell it in that same year, that good will not be counted in Country A's GDP
Indicate whether the statement is true or false
Economics