A firm that seeks to maximize its revenue is most likely to adhere to which of the following?

Virtually all of the decline in labor force participation by elderly males is due to increased physical requirements of labor plus diminished health status

Indicate whether the statement is true or false

Which of the following is a possible reason for a comparatively steeper demand curve for health care? a. A large increase in the price of health care leads to a more than proportionate fall in the quantity demanded for health care. b. The demand curve for health care is comparatively steeper than other products, because health care is a Giffen good. c. A change in the price of health care

leads to no change in the profit earned by the suppliers. d. A large increase in the income of households leads to a less than proportionate increase in the quantity demanded. e. A large increase in price does not cause a reduction in the purchase of health care by the same proportion.