One special feature about health-care services is that society regards them as:
A. Private goods
B. An entitlement
C. Something to be rationed by price and ability to pay
D. Normal goods
B. An entitlement
Economics
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On any given day, a salesman can earn $0 with a 30% probability, $100 with a 20% probability, or $300 with a 50% probability. His expected earnings equal
A) $0. B) $100. C) $150. D) $170.
Economics
If the supply of a product increases, then we would expect equilibrium price
a. to increase and equilibrium quantity to decrease. b. to decrease and equilibrium quantity to increase. c. and equilibrium quantity to both increase. d. and equilibrium quantity to both decrease.
Economics