Medicare is a health care program
a. for poor and low income people
b. administered through Social Security for retired workers starting at age 55
c. administered through Social Security for everyone over 65 years
d. administered by state governments for people who are not covered by private health insurance
e. administered by the federal government for people who are not covered by private insurance
C
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When the government sets a price floor which is above the equilibrium price
A) a surplus will develop. B) a shortage will develop. C) the equilibrium price will be maintained. D) a price ceiling will follow.
When a shortage exists
A) the price is below the market clearing price. B) quantity demanded exceeds quantity supplied. C) an excess quantity demanded exists. D) all of the above