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
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Answer and Explanation:
As per the data given in the question,
The central bank have various tools to apply expansionary policy and these tools are :
- Reserve ratio.
- Discount rate.
- Open market operations.
The open market operations include the buying and selling of government owned securities by central bank to impact the monetary base in the economy. In case of any recession, the central bank should purchase government securities to enhance the money supply. Because whenever they do any kind of open market purchase there would definitely be increase in money in the economy. That's why increment in money supply decrease the interest rate in economy.
Nominal interest rate is the cost of borrowing so if there is decrement in interest rate, there would be consumption and investment activities. these both are the component of aggregate demand so the aggregate demand will increase, and this increment in aggregate demand helps the economy to recover in the situation of recession.
I believe it’s Involuntary Turnover. There’s a Quizlet that uses this exact same scenario that defines it as Involuntary Turnover
