________ tended to increase spending on health care in the United States
A) The aging of the U.S. population, rather than advances in medical technology, has
B) Advances in medical technology, rather than the aging of the U.S. population, has
C) Neither the aging of the U.S. population, nor advances in medical technology, have
D) The aging of the U.S. population, as well as advances in medical technology, have
D
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A firm that backward vertically integrates
A) moves downstream in the production process. B) requires that the production process be relatively simple. C) has to merge with another firm. D) may be producing its own inputs.
Exhibit 3 Demand and cost curves for GeneTech, a monopolist with a patented vaccine
Consider Exhibit 9-3. Suppose GeneTech's patent expires and the market for the vaccine becomes perfectly competitive. Which of the following price and quantity combinations would be most likely?
A. $45 per dose and 100 doses per hour B. $40 per dose and 200 doses per hour C. $35 per dose and 300 doses per hour D. $28 per dose and 450 doses per hour