An decrease in the demand for orange juice would be illustrated as a:

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“Flat of the curve” medicine implies that:

 A.  Beyond a certain point, adding more health care may result in a deterioration of patient health    
 B.  However much health care is available, it will always be used   
 C.  Additional diagnostic machines will always help diagnose additional health problems


The equilibrium price in a market is:

 A.  The price at which producers just cover all their costs    
 B.  The total price of all the goods sold    
 C.  The cost to producers of producing all the goods sold   
 D.  The average price of all the goods sold

What does inelastic demand imply?
 A.  Suppliers can charge as much as they like for their product, because everyone has to buy it.    
 B.  If the supplier increases her price, her revenue will increase    
 C.  if the producer decreases her price, her sales will fall a lot    
 D.  If the price decreases, the supplier can increase the supply to make up her revenue

An decrease in the demand for orange juice would be illustrated as a:
 A.  leftward shift in the demand curve    
 B.  movement up along the demand curve    
 C.  movement down along the demand curve    
 D.  rightward shift of the demand curve

In a medical setting, supplier-induced demand implies that:
 A.  People will always demand as much health care as possible.    
 B.  providing less diagnostic equipment will increase the demand for medical services    
 C.  If more doctors are available, their services will be demanded

If the demand curve facing a business is highly inelastic, then:
 A.  The business should not put up their price, since the quantity demanded will fall, and they will lose money    
 B.  If the business puts up its price, its consumers will stop buying    
 C.  Consumers will buy almost as much at higher prices as at lower prices.    
 D.  If the business cuts its price, then its revenue will fall.

The marginal cost of a good is:
 A.  The total cost of all the goods produced    
 B.  The cost of marketing one more item    
 C.  The additional cost of the last item produced    
 D.  The additional cost of selling another item

The principal-agent problem suggests that:
 A.  In a typical setting, the patient is the agent of the doctor    
 B.  Doctors will spend more time with their patients than they would otherwise.    
 C.  A doctor being paid on a fee-per-visit basis will spend less time with her patients than a doctor paid on salary    
 D.  People will work better together

What does the Law of Demand imply?
 A.  As the price of a good or service increases, some people will buy more.    
 B.  As the price of a good or service increases, some people will buy less.    
 C.  As a person’s income increases they will buy less of a good or service.    
 D.  As a person’s income increases they will buy more of a good or service.