Question

1. What is the difference between Mr. Axel's demand for physical therapy and his need for physical therapy? 2. Is price the only thing that matters? What is the difference between price and value? 3. Why would a life-saving cardiac drug cost less than one providing temporary symptomatic relief? 4. Do buyers and sellers face the same demand curve? 5. Can better quality actually decrease demand? 6. Which is most sensitive to price changes: one person, one firm, or the whole market? 7. Is the price of a treatment determined by the cost of production? Or by the benefits it produces? Measured in total, on average, or at the margin? 8. Do politicians face demand curves?

          1. What is the difference between Mr. Axel's demand for physical therapy and his need for physical therapy?
    2. Is price the only thing that matters? What is the difference between price and value?
    3. Why would a life-saving cardiac drug cost less than one providing temporary symptomatic relief?
    4. Do buyers and sellers face the same demand curve?
    5. Can better quality actually decrease demand?
    6. Which is most sensitive to price changes: one person, one firm, or the whole market?
    7. Is the price of a treatment determined by the cost of production? Or by the benefits it produces? Measured in total, on average, or at the margin?
    8. Do politicians face demand curves?

Added by Karen H.

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