Consider the labour market for heath care workers, which is in equilibrium. Because of the aging population in the United States, the output price for health care services has increased. Holding all else equal, what effect does this have on the equilibrium
Consider the labour market for heath care workers, which is in equilibrium. Because of the aging population in the United States, the output price for health care services has increased. Holding all else equal, what effect does this have on the equilibrium
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Only need correct answer

Transcribed Image Text:Consider the labour market for heath care workers,
which is in equilibrium. Because of the aging
population in the United States, the output price for
health care services has increased. Holding all else
equal, what effect does this have on the equilibrium
quantity of health care employees?
Select one:
O a. The equilibrium quantity decreases.
O b.
It is not possible to determine what
happens to the equilibrium quantity.
The equilibrium quantity does not change.
O c.
O d. The equilibrium quantity increases.

Transcribed Image Text:Knowledge is an example of a
Select one:
O a. common resource.
b. private good.
O c. public good.
O d. natural monopoly good.
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you


Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON

Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON


Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON

Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON

Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning

Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning

Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education