Which Occurs When a Physician in the Community Refers a Patient

question 2

Multiple Choice

Which occurs when a physician in the community refers a patient to the hospital for observation, bypassing the clinic or emergency department?

• A) direct admission
• B) emergency admission
• C) outpatient admission
• D) referred admission

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Definitions:

Price Ceiling

A legal limit on how high the price of a product can be charged in the market.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the actual amount they do pay.

Producer Surplus

The difference between the amount producers are willing to sell a good for and the actual amount they receive by selling it at the market price.

Market Equilibrium

The point at which the quantity demanded and the quantity supplied of a product are equal, leading to a stable market price.