University of Arizona. ECON422: Week 1 Test. All Answers. Graded 95%.
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Outside government itself the largest industry in the United States is the health care industry. Over the past several decades, costs in the health care industry have been increasing at a much faster ... rate than the rate of inflation in general. why? What are the likely consequences of the following event in the U.S market for cosmetic surgery? Does the supply curve or the demand curve shift? In which direction? State whether the equilibrium price and quantity increase, decrease, or stay the same. Health insurance coverage is expanded to cover all elective procedures, such as tummy tucks, nose jobs, and liposuction. Hint: Draw a standard supply-demand diagram to help you before you begin. You can upload your diagram to the test by using the "insert image" button in the upper-left-hand corner of the answer box (looks like a camera). If that doesn't work, you can always try the "insert stuff" button next to it and upload it that way. Choose "this image is decorative". What is market failure? Argue for or against the following statement: A free, unregulated market in medical care is the optimal arrangement for the United States. Hint: Be sure to define what is market failure and recall the arguments of Ken Arrow. [Show More]
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