The Method of Determining the Quality of Life or Preferences

question 4

Multiple Choice

The method of determining the quality of life or preferences between health states that asks individuals to determine how many years of perfect health they would accept for a higher number of years in diminished health is

• A) The rating scale method
• B) The standard gamble method
• C) The time trade-off method
• D) The cost benefit method

---

Definitions:

Non-price Competition

A strategy by businesses to attract customers through methods other than lowering prices, such as quality improvement, marketing, or product differentiation.

Herfindahl-Hirschman Index

A measure of market concentration used to determine the level of competition within an industry.

Market Share

The portion of a market controlled by a particular company or product.

Oligopolistic Models

Economic models that describe markets in which a few firms dominate, often leading to pricing and output decisions that consider the actions of competitors.