Exam 6: Behavior of Supply

Given the supply curve for radiographs by a radiology practice, predict how this curve will shift (supply will increase or decrease), if the following occur: a decrease in the wages of radiological technicians an increase in productivity an increase in the wages of technicians a decrease in the number of patients with multiple and rare problems

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Question 1

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(a) A decrease in the wages of radiological technicians causes supply to increase, resulting in a movement in the supply curve downward and to the right.
(b) An increase in productivity causes supply to increase, resulting in a movement of the supply curve downward and to the right.
(c) An increase in the wages of technicians causes supply to decrease, resulting in a movement in the supply curve upward and to the left.
(d) A decrease in the number of patients with multiple and rare problems causes supply to decrease, causing a movement in the supply curve upward and to the left.

Members of the management triangle include

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Question 2

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In general, a firm will stop production when the price no longer covers its fixed costs.

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Question 3

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The critical price below which the firm will shut down depends on which costs of the firm?

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Question 4

A clinic receives a per-visit payment of $40. It has an upward sloping supply curve. Indicate the net effect on the quantity of visits supplied if the following occurs: A) The wage rates for the clinic nursing staff increase. B) The fixed overhead costs (rent, electricity) increase. C) The clinic patients become sicker. D) The clinic increases productivity. E) The clinic decides to increase "quality" (defined as a more thorough examination for each patient.

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Question 5

A hospital's medical staff is a self-governing organization that typically has the responsibility for performing peer-review activities.

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Question 6

Generally, markups (charge-to-cost ratios) for ancillary services were found to be lower than basic room charges in hospitals.

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Question 7

If the number of suppliers in the market increases, the supply curve will

(Multiple Choice)

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Question 8

A change in the following factor will cause a movement along a given supply curve.

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Question 9

Given the following cost schedule for a regional hospital that seeks to maximize its profits, answer the following three questions: If the price per day is $440, what is the quantity supplied? If the price per day increases to $640, what is the quantity supplied? If the price per day is $900, what is the quantity supplied?

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Question 10

For the supply of a normal good or service, there is an inverse relationship between price and quantity.

(True/False)

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Question 11

A factor that causes the marginal cost curve to shift upward will result in:

(Multiple Choice)

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Question 12

The profit-maximizing point for suppliers in a competitive market is where MR = MC.

(True/False)

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Question 13

A tax-exempt hospital will tend to provide care of a higher quality level.

(True/False)

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Question 14

If the government increases taxes, the producer would need to receive a higher price for each unit produced.

(True/False)

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Question 15

Showing 1 - 15 of 15

Members of the management triangle include

In general, a firm will stop production when the price no longer covers its fixed costs.

The critical price below which the firm will shut down depends on which costs of the firm?

A hospital's medical staff is a self-governing organization that typically has the responsibility for performing peer-review activities.

Generally, markups (charge-to-cost ratios) for ancillary services were found to be lower than basic room charges in hospitals.

If the number of suppliers in the market increases, the supply curve will

A change in the following factor will cause a movement along a given supply curve.

For the supply of a normal good or service, there is an inverse relationship between price and quantity.

A factor that causes the marginal cost curve to shift upward will result in:

The profit-maximizing point for suppliers in a competitive market is where MR = MC.

A tax-exempt hospital will tend to provide care of a higher quality level.

If the government increases taxes, the producer would need to receive a higher price for each unit produced.

Overview of Economics

Output of the Healthcare Sector

Economic Dimensions of the Healthcare System

Demand for Health and Medical Care

Healthcare Production and Costs

Provider Payment

Competitive Markets

Market Power in Health Care

Health Insurance

The Labor Market

Economic Evaluation of Health Services

Value Judgements and Economic Evaluation

Finance Health Care

Public Health Insurance

Regulation and Antitrust Policy in Health Care

Reform of the Healthcare Market

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