NUR 621 TOPIC 2 ASSIGNMENT ECONOMIC THEORIES AND MODELS IN HEALTH CARE EXAM SCRIPT 2026 TESTED QUESTIONS AND CORRECT ANSWERS ALREADY PASSED

NUR 621 TOPIC 2 ASSIGNMENT ECONOMIC
THEORIES AND MODELS IN HEALTH CARE
EXAM SCRIPT 2026 TESTED QUESTIONS AND
CORRECT ANSWERS ALREADY PASSED

◉ Scarcity. Answer: Wants exceed available resources.


◉ Opportunity cost. Answer: Value of the next best alternative given
up.


◉ Trade-off. Answer: Choosing more of one thing means having less
of another.


◉ Utility. Answer: Satisfaction or benefit from consuming
goods/services.


◉ Marginal. Answer: Additional or incremental (one more unit).


◉ Marginal benefit (MB). Answer: Extra benefit from consuming one
more unit.

, ◉ Marginal cost (MC). Answer: Extra cost from producing one more
unit.


◉ Law of demand. Answer: As price rises, quantity demanded falls
(ceteris paribus).


◉ Law of supply. Answer: As price rises, quantity supplied rises
(ceteris paribus).


◉ Demand curve. Answer: Relationship between price and quantity
demanded.


◉ Supply curve. Answer: Relationship between price and quantity
supplied.


◉ Willingness to pay (WTP). Answer: Maximum a consumer will pay
for a unit.


◉ Consumer surplus. Answer: WTP minus actual price (area under
demand, above price).


◉ Producer surplus. Answer: Price minus marginal cost (area above
supply, below price).