Under free market conditions, the relationship between the quantity of medical services demanded and the price of medical services is:(D.) Inverse
What are free market conditions?
The relationship between quantity demanded and price normally, where the market forces are left to determine the happenings in the market, is inverse, in that as the quantity demanded increases prices decrease.
In the same vein, the relationship between the quantity of medical services demanded and the price of medical services, is also inverse which means that the amounts charged by doctors for medical treatment reduces, there would be more patients, since the cost is now cheaper which discourages people to seek alternative medicine.
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Full question:
Under free market conditions, the relationship between the quantity of medical services demanded and the price of medical services is:
A. Unknown
B. Equal
C. Direct
D. Inverse
Answer:
A supply shock is an unpredictable incident that changes the supply of a product or a service, subsequent in an unexpected modification in its value. Supply shocks can be undesirable (decreased supply) or optimistic (increased supply)
(a) The two types of shock which are:
- Primarily the growth in oil values is a negative supply shock causing from a decline in supply of oil
- The reduction in oil charges is a Positive supply shock causing from a growth in supply of oil.
(b) If the charges of oil increases as in case (i) that will push companies’ prices and thus decrease SRAS. The new equilibrium will be established at a inferior level of output and higher charge level. This is reflected in the diagram attached.
In the case (ii), the opposed of this will occur. The SRAS will rise shifting the SRAS rightward and carry about a new equilibrium at upper level of output and lesser prices.
Answer:
you are correct for this answer
When firms configure it HR practices to drive <u>employees</u><u> </u>which leads to improved <u>Firm performance</u>, then the firm will derive competitive advantage.
In a firm, the Human personnel is saddled with the responsibility of effectively managing and motivating the employee for purpose of achieving productivity.
Competitive advantage of a firm entails an attribute which enables a company to outperform its competitors such as Increasing customer-base over other firms.
Therefore, when the firm HR drives the employees, productivity will be achieved which will then create an advantage of competition over other firms.
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Answer:
decreases, increases
Explanation:
An open market operation where the government buys securities increases the money supply so the Federal funds rates increases. Because of the increase in money supply, the reserves held by banks would increase.
the federal funds rate is the interest rate at which banks can borrow or lend excess reserves overnight
