One Reason That Helps to Explain the Law of Supply

question 186

Multiple Choice

One reason that helps to explain the law of supply is the law of

• A) diminishing marginal utility.
• B) diminishing marginal returns.
• C) decreasing opportunity costs.
• D) demand.

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Definitions:

Health Care Costs

The expenses associated with medical care, including treatments, medications, hospital stays, and preventive services.

Medicaid and Medicare

United States government programs providing health coverage; Medicaid is for low-income individuals and families, while Medicare is for people over 65 and some younger individuals with disabilities.

DRGs

Diagnosis-Related Groups; a system for categorizing hospital cases into groups with similar clinical characteristics and resource use, often used for billing and reimbursement purposes.

Ideology

A system of ideas and ideals, especially one that forms the basis of economic or political theory and policy.