If a Person Has Very Little Concern for Her Health

question 25

Multiple Choice

If a person has very little concern for her health, her demand for healthcare would tend to be:

• A)elastic
• B)inelastic
• C)unit elastic
• D)horizontal

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Definitions:

Non-Union Workers

Employees who are not members of a labor union and therefore may not benefit from collective bargaining agreements.

Economic Rent

The extra amount earned by a factor of production that exceeds the minimum amount necessary for it to be employed.

Labor Union

An organization formed by workers in the same trade or industry to collectively negotiate wages, benefits, working conditions, and rights.

Deadweight Loss

A cost to society created by market inefficiency, which occurs when supply and demand are out of equilibrium.