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1) T/F Under price discrimination by physicians, patients with health insurance has more elastic demand and will be charged a lower price
1) T/F Under price discrimination by physicians, patients with health insurance has more elastic demand and will be charged a lower price.
2. T/F The rate of return for an investment is the rate at which the net present value of benefits exceeds the net present value of cost.
3. T/F According to the theory of labor markets, the wage for physicians will be equal to the marginal revenue product he or she generates.
Expert Solution
- 1. TRUE, because consumers with more elastic demand are more likely to switch doctor if they are charged a high price.
- 2. FALSE, the rate of return (or discount rate) is an element that needs to be specified in advance to calculate the present value, and depends on the investor's preference and the risks the investment project involves.
- 3. FALSE, according to the theory of labor markets, the wage of a physician would equal the value of last hired physician's marginal product.
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