If a Specimen Is Sent to an Outside Laboratory from the Physician's

question 34

Multiple Choice

If a specimen is sent to an outside laboratory from the physician's office, who will be paid for the testing if the physician bills for the service on the insurance claim?

• A) The physician
• B) The laboratory
• C) The patient
• D) The hospital

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Definitions:

Market Failure

Refers to a situation where the allocation of goods and services by a free market is not efficient, often justifying government intervention.

Market Prices

The price point at this moment for the sale or purchase of a service or asset.

Externalities

The cost or benefit that affects a party who did not choose to incur that cost or benefit, often not reflected in market prices.

Market Power

The ability of a firm or group of firms to influence the price and production levels of a product or service in the market.