Substantial co-payments are typically not required as a part of the health care system in
A) Canada and the United Kingdom.
B) Japan and Canada.
C) the United States and Japan.
D) Japan and the United Kingdom.
Answer: A
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If consumers would be willing to purchase the same quantity of a good no matter what its price was, the demand curve would
a. be a vertical line, and demand would be perfectly inelastic. b. be a horizontal line, and the demand would be perfectly elastic. c. not exist. d. be identical to the supply curve for the good.
The demand curve for a good is very unlikely to be perfectly vertical because
a. scarcity and limited income restrict the ability of consumers to afford goods as they become very expensive. b. as the price of a good rises to high enough levels, the incentive for other suppliers to invent new substitutes for the good increases. c. consumers generally do not care about the price of the goods they consume. d. both a and b are true.