Which of the Following Terms Refers to All Citizens Receiving

question 50

Multiple Choice

Which of the following terms refers to all citizens receiving medical services paid for through taxation revenues?

• A)user-pay system
• B)two-tiered system
• C) universal medical insurance
• D) medicare health system

---

Definitions:

Market Price

The price at which goods are bought and sold in a competitive marketplace, constantly influenced by supply and demand.

Economic Profits

The difference between a firm's total revenues and its total costs, including both explicit costs and opportunity costs, indicating the firm's financial performance beyond breaking even.

Market Price

The current price at which a good or service can be bought or sold in a marketplace, determined by the forces of supply and demand.

Economic Profits

Profits calculated by subtracting both explicit (direct payments) and implicit (opportunity) costs from total revenues.