Which of the following statements is FALSE concerning comparative effectiveness research?

Pure monopolists may obtain economic profit in the long-run because:question 1 (5 points)SavedA situation in which having insurance causes people to take greater risks is called:Question 1 options:a)Adverse Selectionb)Moral Hazardc)A mixed marketd)Asymmetric Information
Question 2 (5 points)SavedPublic goods are:Question 2 options:a)Rival and excludableb)Rival and nonexcludablec)Nonrival and nonexcludabled)Nonrival and excludable
Question 3 (5 points)Which of the following statements is FALSE concerning comparative effectiveness research?Question 3 options:a)The objective is to improve health outcomes by developing and disseminating evidence-based information to patients and providers.b)Using clinical trials is the least costly and less time-consuming method for conducting comparative effectiveness researchc)The Patient Centered Outcome Research Institute (PCORI) was created under the Affordable Care Act (PPACA) to conduct comparative effectiveness researchd)Using comparative effectiveness research to reduce costs and make coverage decisions can be controversial.
Question 4 (5 points)Which of the following is a correct statement?Question 4 options:a)Both purely competitive and monopolistic firms are “price takers.”b)Both purely competitive firms and monopolistic firms are “price makers”c)A purely competitive firm is a “price-taker” and a monopolistic firm is a “price-maker”d)A purely competitive firm is a “price-maker” and a monopolistic firm is a “price-taker”
Question 5 (5 points)The demand curve confronted by the individual purely competitive firm is:Question 5 options:a)Relatively Elasticb)Perfectly elasticc)Relatively inelasticd)Perfectly inelastic
Question 6 (5 points)Pure monopolists may obtain economic profit in the long-run because:Question 6 options:a)Of advertisingb)Marginal revenue is constant as sales increasec)Of barriers to entryd)Of rising average fixed costs
Question 7 (5 points)An industry is characterized as having many firms, a differentiated product, no barriers to entry and elastic demand. What is it’s market structure?Question 7 options:Perfectly competitiveOligopolyMonopolistic CompetitionMonopoly
Question 8 (5 points)The individual mandate under the Affordable Care Act was intended to prevent which of the following?Question 8 options:a)Rising health care costsb)Rising deficitsc)Adverse selectiond)Moral hazard
Question 9 (5 points)Which of the following conditions is NOT NECESSARY in order for a firm to price discriminate?Question 9 options:a)The product cannot be resoldb)The firm must have some market powerc)The firm must have many buyers and sellersd)The market can be segmented into different groups of consumers
Question 10 (5 points)Which of the following statements correctly identifies increasing returns in production?Question 10 options:a)As a firm adds workers, output declinesb)Marginal Product is greater than Average Productc)Marginal Product equals Average Productd)As firms increase workers, output increases at a diminishing rate
Question 11 (5 points)Which of the following correctly identifies the price at which a firm should shut-down?Question 11 options:a)Price is greater than the average variable costb)Price is equal to the marginal costc)Price is less than the total costd)Price is less than the average variable cost
Question 12 (5 points)Which of the following market structures experiences a “Nash Equilibrium” in terms of pricing behavior?Question 12 options:a)Perfect competitionb)Oligopolyc)Monopolyd)Monopolistic Competition
Question 13 (5 points)Which of the following is NOT considered a criteria of an “efficient market”?Question 13 options:a)Perfect informationb)Positive externalities existc)Lots of buyers and sellersd)No barriers to entry and market is perfectly competitive
Question 14 (5 points)Which of the following is NOT a factor that leads to a shift in the supply curve?Question 14 options:a)Change in labor and capital inputsb)Change in consumer incomec)Change in number of firms in industryd)Government regulations
Question 15 (5 points)For which of the following goods is the demand curve likely to be the most inelastic?Question 15 options:a)Taxicab transportation for a family vacationing in DCb)Insulin for a diabeticc)An Apple Smartphoned)Elective cosmetic surgery
Question 16 (5 points)Which of the following is the best example of a public good?Question 16 options:a)National Defenseb)A local gas stationc)A city-owned electric power generating pland)Public Universities
Question 17 (5 points)A perfectly competitive firm has the following option with respect to how it sets price:Question 17 options:a)Are required to accept below-market prices if they wish to sell their productb)Often set the price of their product above the market equilibrium to take advantage of market imperfectionsc)Have a great deal of latitude when it comes to setting the price of their productd)Have little choice but to accept the prevailing market price for their product
Question 18 (5 points)What market failure does the regulation of nursing home quality address?Question 18 options:High long-term care costsExistence of a public goodAsymmetric InformationAll of the above