The Demand for Health Care Is Highly Elastic with Respect

question 68

True/False

The demand for health care is highly elastic with respect to both price and income.

---

Definitions:

Investment Account

A financial account that holds securities, shares, or other investments for the purpose of long-term growth or income.

Vacation Home

A secondary residence used for leisure and vacation purposes, not as a primary living space.

Administrator

A person appointed by a court to serve as a personal representative for a person who died intestate (who made a will but failed to name an executor, or whose executor cannot serve).

Secretary

An individual employed to handle correspondence, keep records, and perform clerical and administrative duties, often assisting an individual or an office within an organization.