Refer to Figure 7-4. With insurance and a third-party payer system, what price do doctors receive for medical services?

Brand name drugs are chemically identical to their generic counterparts. Yet, consumers often prefer the brand name product to the generic product. Making consumers think that a brand name drug differs from its generic counterpart is an example of

A) product differentiation. B) perfect competition. C) oligopolistic behavior. D) price taking behavior.

Under the gold standard of the Great Depression, any country experiencing a balance of payment deficit was expected to finance those deficits by exporting gold

The loss of gold should be followed by contractionary monetary policy, reducing demand and causing prices to fall. All countries operating under the gold standard followed these rules of the game throughout the Great Depression. Indicate whether the statement is true or false