What Would Happen to the Price and Quantity of Medical

question 52

Multiple Choice

What would happen to the price and quantity of medical services if an existing doctor's office closed in a small town,ceteris paribus?

• A) Equilibrium price and quantity would rise because both supply and demand increased.
• B) Equilibrium price and quantity would fall because both supply and demand decreased.
• C) Equilibrium price would rise and quantity would fall because supply decreased and demand was constant.
• D) Equilibrium price and quantity would rise because demand decreased while supply was constant.
• E) Equilibrium price and quantity would fall because demand decreased and supply was constant.

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Definitions:

Attribution

The process by which individuals explain the causes of behavior and events, often as internal dispositions or external situations.

Ancestral Past

Refers to the history and lineage of one's ancestors, often considered in the context of genetic inheritance and familial traits.

Experiences

Events or occurrences that leave an impression on someone, contributing to their knowledge or emotional development.

Romantic Attraction

A feeling of being drawn or magnetically pulled toward an individual because of a personal, emotional, and sometimes sexual interest.