Under the current structure of Medicare, the movement of the baby boom generation into the retirement phase of life will
a. reduce the overall demand for medical services because the elderly will not have to pay for hospitalization in the future.
b. place downward pressure on healthcare prices.
c. cause Medicare expenditures to increase and necessitate the need for higher taxes to finance the program.
d. do all of the above.
C
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If an industry has 25 firms that collectively have $150 million in total sales and the top four firms in this industry account for $90 million in sales, what is the concentration ratio of the top four firms in this industry?
A) 42 percent B) 60 percent C) 70 percent D) 80 percent
If a good has a price elasticity of demand coefficient greater than 1, total revenue can be increased by raising the price
a. True b. False Indicate whether the statement is true or false