HCA255 Week 5 Quiz
Question
1. Which of the following factors that affect supply do NOT shift the supply graph to the right?
Technological changes
Size of the industry
Weather
Input prices
2. There is a negative relation between income and the demand for health care: the richer the
country, the greater the demand for health care.
True
False
3. _______ costs are easily identified because a recent market transaction is available to provide
an accurate measure of costs
Implicit
Direct
Explicit
Indirect
4. In general, goods and services which are close substitutes have higher price elasticities
True
False
5. ________ is the sole provider of a good or service in a well defined market with no close
substitutions.
Question
1. Which of the following factors that affect supply do NOT shift the supply graph to the right?
Technological changes
Size of the industry
Weather
Input prices
2. There is a negative relation between income and the demand for health care: the richer the
country, the greater the demand for health care.
True
False
3. _______ costs are easily identified because a recent market transaction is available to provide
an accurate measure of costs
Implicit
Direct
Explicit
Indirect
4. In general, goods and services which are close substitutes have higher price elasticities
True
False
5. ________ is the sole provider of a good or service in a well defined market with no close
substitutions.
