Life year is two additional years and is used in conjunction with spending addit

Question

Life year is two additional years and is used in conjunction with spending additional money on a particular population. (True or False)

Marginal analysis challenges us to examine the effects of changes on what we do. (True or False)

Economists usually speak of price elasticities of demand as being elastic or inelastic. (True or False)

Virtually all price inelasticities of demand for healthcare products are negative, reflecting that higher prices generally reduce the quality demanded. (True or False)

The efficient producer can win more contracts and weather more easily weather slumps. (True or False)

Explanation / Answer

1. False

It is the number of survival years gained by spending of additional amount on a particular population

2. True

It measure the effectiveness of one activity over other

3. True

The main focus of economist is demand elasticity

4. False

It is not applicable in all cases.

5. True

This type of producer produces the most valuable output given the inputs used

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