Medical service by physicians
A) could be made a free good through universal health insurance.
B) is a good for which the demand is completely inelastic.
C) is a good for which there is no satisfactory substitute.
D) would become a free good if physicians did not charge monetary fees.
E) would cost some patients more in non-monetary terms than they now pay if physicians did not charge monetary fees.
E
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The incentive for people to avoid paying for a resource when the benefits they obtain from the resource are unaffected by whether they pay is known as ___________________.
a. the Coase Theorem. b. an upstream tax. c. the holdout effect. d. free market environmentalism. e. None of the above.
Redistributing income from the rich to the poor creates inefficiency because
A) of wasteful expenditures by people receiving welfare grants. B) of the administrative costs to operate the government redistribution agencies. C) the redistribution creates an incentive to produce less output. D) Both answers B and C are correct. E) Both answers A and C are correct.