Regulatory commissions often set a(n) ____ for a regulated business
A) economic profit.
B) fair rate of return.
C) overhead charge.
D) entry barrier.
QUESTION 2The quantity of medical care demanded appears to be highly sensitive to changes in price.
a. True
b. False
Indicate whether the statement is true or false
QUESTION 3In competitive markets, the elasticity of labor supply is:
a. unrelated to time.
b. inversely proportional to time elapsed since a wage change.
c. unity.
d. directly proportional to time elapsed since a wage change.
QUESTION 4Regulations can address
A) social issues.
B) economic issues.
C) social and economic issues.
D) international affairs.
QUESTION 5Evidence suggests that emergency care services are normal goods.
a. True
b. False
Indicate whether the statement is true or false
QUESTION 6Andrea invests 20,000 in tuition fees for her three years of college education. Had she worked those three years, she could have earned a total of 8,000 . Identify the correct statement from the following.
a. The opportunity cost of her college education is 20,000.
b. The investment cost of college consists of 20,000.
c. The investment cost of her college degree is 28,000.
d. The opportunity cost of her college education is 28,000.
QUESTION 7A tax on an imported product is called a
A) tariff.
B) quota.
C) dumping signal.
D) all of these choices.
QUESTION 8Being that health care is a basic human right, there is no opportunity cost for the utilization of medical services.
a. True
b. False
Indicate whether the statement is true or false
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