Suppose the Equilibrium Price of a Physical Examination ("Physical") by a Doctor

question 319

Multiple Choice

Suppose the equilibrium price of a physical examination ("physical") by a doctor is $200, and the government imposes a price ceiling of $150 per physical. As a result of the price ceiling, the

• A)demand curve for physicals shifts to the right.
• B)supply curve for physicals shifts to the left.
• C)quantity demanded of physicals increases, and the quantity supplied of physicals decreases.
• D)number of physicals performed stays the same.

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Definitions:

Comfortable

Describes a state of physical ease and freedom from pain or constraint.

Competence

The ability to do something successfully or efficiently, often referring to specific skills or knowledge.

Self-directed Learning

The practice of individuals taking the initiative, with or without the help of others, to diagnose their learning needs, formulate learning goals, identify resources for learning, choose and implement suitable learning strategies, and evaluate learning outcomes.

Collegial Consultation

A professional practice in which colleagues within the same field share knowledge and advice to improve their work, often in a non-hierarchical manner.