When a Service, Such as Medical Care, Is Provided Free

question 104

Multiple Choice

When a service, such as medical care, is provided free of charge,

• A)most people consume an infinite amount of it
• B)most people do not much care about getting good value for their money
• C)people do not derive any consumer surplus from it
• D)we say that the demand for it is perfectly elastic
• E)we say that the demand for it is perfectly inelastic

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Definitions:

Credit Reports

Documents compiled by credit bureaus detailing an individual's credit history, including loans, repayments, late payments, and bankruptcy records, used by lenders to assess creditworthiness.

Natural Person

A living human individual recognized by law as having rights and obligations, as opposed to a legal entity like a corporation.

Limited Partnerships

A form of partnership consisting of one or more general partners, who manage the business and are personally liable for its debts, and one or more limited partners, who contribute capital and share profits but take no part in running the business and incur no liability beyond their investment.

Good-faith Effort

An honest attempt or endeavor made in a sincere and honest effort, without intent to defraud or seek unfair advantage.