QUES TION 44 A generic product would be best described as one that is o a perfec

Question

QUES TION 44 A generic product would be best described as one that is o a perfectly differentiated O b produced only in a perfectly competitive industry c, heavily advertised. O d. completely undifferentiated o e. sold in a monopoly market QUESTION 45 A distortion in the health care market can occur when the o a government's licensing of medical care providers reduces supply, which, in turn, increases the equilibrium price O b. demand for health care is inelastic. o c existence of health insurance encourages consumers not to seek preventive care o d involvement of health maintenance organizations discourages efficiency in heathcare expenditures o e involvement of the government raises healthcare expenidtures because doctors are guaranfeed a payment that exceeds the market equiltrium pr QUESTION 46 nopolists a will never experience a loss b exist in all markets c always experience economies of scale D d enjoy market power for their specific product e have no market power for their specific product QUESTION 47 A good that is rival and excludable is defined as a o a pubic good ) c common-resource a) d. private o e club

Explanation / Answer

Answer:- a generic product would be best described as one that is

Correct Answer:- Completely undifferentiated

Reason:- A generic product is one which cannot be differentiated as it does not have any distinguishing feature.

Answer:- a distortion in the healthcare market can occur when the

Correct Answer:- involvement of health maintenance organizations discourages efficiency in healthcare organizations

Answer:- monopolies

Correct Answer:- Enjoy market power for their product

Reason:- Being only single supplier of a certain product, monopolies enjoy market power.

Answer:- a good that is both rival and excludable is defined as a .........................good

Correct Answer:- private

Reason:- Private goods are those which are rival and excludable in nature

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