Refer to the Article Summary. The article discusses the rising administrative costs of health care
Even if private insurance companies were more efficient and brought administrative costs down, consumers would still pay less than the full cost of medical treatment. This would result in the market equilibrium price of medical services being ________ than the efficient equilibrium price, and the market equilibrium quantity of medical services being ________ than the efficient equilibrium quantity.
A) less; less B) greater; less C) less; greater D) greater; greater
D
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Refer to the figure above. In comparison to the bundles on IC1, the bundles on IC3:
A) give the same level of utility and are affordable. B) give the same level of utility but are not affordable. C) give a higher level of utility and are affordable. D) give a higher level of utility but are not affordable.
Using the table above, what is the marginal product of the 5th worker hired at Decent Donuts?
A) 86 dozen donuts per day B) 22 dozen donuts per day C) 17.2 dozen donuts per day D) 64 dozen donuts per day