If the Quantity Desired of Something Exceeds the Amount Available

question 206

Multiple Choice

If the quantity desired of something exceeds the amount available at zero price, that item is called

• A) a service.
• B) an economic good.
• C) an intangible good.
• D) a bad.

Identify and describe different nursing delivery models and their application in healthcare settings.

Distinguish between levels of health care (primary, secondary, tertiary, quaternary) and appropriate services for different health conditions.

Appreciate the importance of patient rights and the legal and ethical considerations in accessing health information and making healthcare decisions.

Understand the role of prevention, including public health efforts in addressing specific health issues like teen pregnancy.

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Definitions:

Willingness To Pay

The greatest sum a consumer is ready to spend for a good or service, showcasing the importance they assign to it.

External Cost

Costs that are not borne by the producers or users of a good or service, but rather by society or third parties, often not reflected in market prices.

Social Optimum

The most efficient allocation of resources that maximizes the overall benefit to society.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that suppliers are willing to sell.