​Figure 53

question 113

Multiple Choice

​Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market.
-The price elasticity of demand for a product is a measure of the:

• A)extent of competition in the market for the product.
• B)change in the quantity purchased of the product relative to a change in a consumer's income.
• C)change in the quantity demanded of the product due to changes in factors other than price.
• D)degree of consumer responsiveness to changes in the price of the product.
• E)percentage change in the prices of two related products.

---

Definitions:

Medical Technology

The use of technology and devices in the diagnosis, treatment, and monitoring of medical conditions and diseases.

Equilibrium Price

Equilibrium Price is the price at which the quantity of a good demanded equals the quantity supplied, leading to market stability.

Health Insurance

A kind of insurance policy that reimburses the insured for their medical and surgical bills.

Equilibrium Price

The equilibrium price in the market, where the quantity of items provided meets the quantity of items consumers wish to buy.