Once the national health care program goes into effect and more people will pay fewer of their health care expenses out of their own pockets than they did previously, we can expect
A) the quantity of health care services demanded will increase.
B) the quantity of health care services demanded will decrease.
C) the quantity of health care services supplied will increase.
D) the quantity of health care services supplied will decrease.
A
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Suppose the supply of coal is perfectly inelastic, and the price elasticity of demand for coal is -0.4. If the government imposes a binding price ceiling for coal at a price that is 20 percent below the market equilibrium price, what is the impact of this policy on the market quantity?
A. Excess demand equals 16 percent of the market equilibrium quantity. B. Excess demand equals 80 percent of the market equilibrium quantity. C. The policy does not affect the market quantity. D. Excess demand equals 8 percent of the market equilibrium quantity.
Refer to the scenario above. Using 2012 as the base year, what is the real GDP of the economy in 2013?
A) $49,500 B) $55,000 C) $47,000 D) $56,000