Using a supply-and-demand graph and assuming competitive markets, show and explain the effect on equilibrium price...
Using a supply-and-demand graph and assuming competitive markets, show and explain the effect on equilibrium price and quantity of the following:
The virtual elimination of smoking in the population on the market for hospital services. A price ceiling placed on physician fees in the market for physician services.
Homework Answers
A. Virial reduction of smoking reduces the demand for hospital services. Demand curve shifts leftward. Equilibrium price falls and equilibrium quantity falls.
B. Price ceiling placed on physician fees will reduce the fees. There will be SHORTAGE in the market as quantity demanded is greater than quantity supplied.
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