Which of the statements below best expresses the relationship between the cost of a medical education and the fees charged by physicians?
A) The greater the average cost of a medical education, the higher will be the fees physicians charge.
B) The greater the cost of a physician's education in both money and effort, the higher will be the fees they can legitimately set for their services.
C) The greater the cost to physicians of a medical education in both money and effort, the higher will be the fees they will charge in order to recover the costs they incurred.
D) The greater the expected cost of a medical education, the fewer physicians there will be and the higher their fees will be.
D
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Outside lags occur because
A) it takes time to identify a problem. B) firms must change investment plans before monetary policy can be effective. C) once changes are finally diagnosed and implemented, policies are immediately effective. D) once a problem is diagnosed, it still takes time to implement policy changes.
A horizontal merger is a merger between firms
A) earning roughly the same amount of profit. B) producing roughly the same products. C) regularly doing business of any sort with each other. D) standing in a supplier-purchaser relationship. E) that were previously independent.