Which of the following is associated with relatively elastic demand?
a. Few substitutes; large portion of income; short time span
b. Many substitutes; large portion of income; long time span
c. Few substitutes; small portion of income; short time span
d. Many substitutes; small portion of income; long time span
b
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"A shortage in the loanable funds market occurs when the quantity of loanable funds supplied exceeds the quantity of loanable funds demanded." Explain why this statement is correct or incorrect
What will be an ideal response?
Medicaid payment rates to physicians are significantly below those paid by private insurers. Using the results of a Merritt Hawkins (2014) survey, how do these lower payment rates affect physician access for enrollees?
a. Metropolitan areas with fewer than average number of physicians per capita are more likely to accept new Medicaid patients. b. Despite low payment rates, access to physicians is relatively good across the country. c. Overall, almost 75 percent of physicians accept new Medicaid patients into their practices. d. The average number of days it takes to get an appointment to see a physician is lower where there are more physicians per capita. e. The greater the supply of physicians, the more likely they are to accept new Medicaid patients