Refer to the figure that shows the market for U.S. health care. Other things equal, which of the following would shift the supply curve for medical care from S 2 to S 1 ?
A. An aging population.
B. Significant cost-increasing medical technology.
C. Expansion of the Medicare program to include prescription drugs.
D. Lower medical malpractice insurance premiums.
B. Significant cost-increasing medical technology.
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In the specific factors model, a country's production possibility frontier is ________ because of ________
A) a straight line; diminishing marginal returns B) a curved line; diminishing marginal returns C) a straight line; constant marginal returns D) a curved line; constant marginal returns E) a curved line; a limited supply of labor
Historical data shows that if consumption increases by $80 billion when national income rises from $100 billion to $200 billion, then consumption will increase by less than $80 billion when national income rises from $200 billion to $300 billion
Indicate whether the statement is true or false