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Author Question: Under comprehensive health insurance the level of output is determined where _____. a. supply ... (Read 64 times)

saliriagwu

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on: Jul 1, 2018
Under comprehensive health insurance the level of output is determined where _____.
 
  a. supply equals demand
  b. demand equals zero
  c. supply is of unitary elasticity
   d. the insurer sets it

Question 2

Explain why the shape of the demand curve will determine how a shock to the market equilibrium affects price and quantity.
 
  What will be an ideal response?


ladyjames123

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Reply #1 on: Jul 1, 2018
Answer to Question 1

b

Answer to Question 2

A flatter demand curve has a smaller slope in absolute value. That means that consumers are more sensitive to price changes. Therefore, a change in price will cause a large reaction in quantity demanded.


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