Suppose That a Competitive Market Is Initially in Equilibrium

question 510

Multiple Choice

Suppose that a competitive market is initially in equilibrium. Then demand increases. If entering firms face the same costs as existing firms and sufficient resources are available for entering firms,

• A)the long-run market supply curve will be upward sloping.
• B)the long-run market supply curve will be perfectly elastic.
• C)in the long run firms will suffer economic losses, leading them to exit the industry.
• D)the number of firms will decrease, and the market will become a monopoly.

Understand the payment systems in healthcare, including prospective, retrospective, capitation, and the role of third-party payers.

Discuss the ethical and legal implications of healthcare delivery, including preventable medical errors and the Patient Protection and Affordable Care Act (PPACA).

Explore the role of technology and education in improving healthcare efficiency and patient care.

Examine the career opportunities for nurses in healthcare economics, including case management and utilization management.

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