Suppose angioplasty and coronary artery bypass graft (CABG) surgery are substitute treatment alternatives for coronary artery disease. What should happen to the equilibrium price and quantity of angioplasty procedures if a new CABG technique is introduced that is less invasive (requiring a 4 inch incision under the breast bone rather than cracking open the patient's rib cage) and requires one-third the recovery period of regular CABG surgery.
a. Both price and quantity will increase.
b. Both price and quantity will decrease.
c. Price will increase and quantity will decrease.
d. Price will decrease and quantity will increase.
e. The introduction of a new CABG procedure should have no effect on the price or quantity of angioplasty procedures.
Question 2
Which of the following strategies that a union might pursue would result in the lowest wage rate for its members?
a. Maximizing the total wage bill
b. Maximizing employment of its members
c. Restricting union membership severely
d. Maximizing the total economic rent obtained by its members
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