According to the Text, with Professionalization,______________ Gained Control Over the Entire

question 114

Multiple Choice

According to the text, with professionalization,______________ gained control over the entire medical establishment in the United States.

• A) the American Medical Association
• B) licensed medical doctors
• C) insurance companies
• D) medical schools

---

Definitions:

Music Industry

The sector of the economy focused on the production, distribution, and promotion of music and related services.

Industry Concentration

A measurement of the extent to which a small number of firms dominate the total output, sales, or employment of an industry.

R&D Expenditures

Research and Development Expenditures pertain to the funds allocated by businesses or governments towards the research and development of new products, services, or technologies.

Inverted-U Theory

The idea that, other things equal, R&D expenditures as a percentage of sales rise with industry concentration, reach a peak at a four-firm concentration ratio of about 50 percent, and then fall as the ratio further increases.