1) Given that milk and cookies are complements, suppose the priceof flour (an in
ID: 1241565 • Letter: 1
Question
1) Given that milk and cookies are complements, suppose the priceof flour (an ingredient in cookies) rises. What happens in themarket for cookies?a) the equilibrium price and quantity rise
b) the equilibrium prices rises, and the equilibrium quantityfalls
c) the equilibrium price and quantity fall
d) the equilibrium price falls, and the equilibrium quantityrises
2) If the quantity supplied in a market exceeds the quantitydemanded in a market, we would expect price to:
a) stay the same
b) increase
c) decrease
d) rise in order to clear the market
3) A decrease in supply means:
a) a shift to the left of the entire supply curve
b) moving downward (to the left) along the supply curve with lowerprices
c) less will be demanded at every price
d) more will be supplied at every price
4) Third-party systems for health-care services include paymentsmade by:
a) doctors
b)patients
c)hospitals
d)insurance companies
5) Third-party payer systems for health-care services includepayments made by:
a) doctors
b) patients
c) hospitials
d) government
Explanation / Answer
1)c 2)c 3)a 4)d, I'm assuming you mean 3rd party payer system here 5)d
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