Physicians and Hospitals in the US Began Consolidating and Integrating

question 9

Multiple Choice

Physicians and hospitals in the US began consolidating and integrating mainly in response to

• A)increased government regulation
• B)pressures to contain costs
• C)the growth of managed care
• D)the demand for higher quality

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Definitions:

Consumer Surplus

The difference between what you pay for some good or service and what you would have been willing to pay.

Senior Citizens

Individuals who are typically above the retirement age, usually considered to be 65 years or older, often eligible for certain social benefits.

Elastic Demand Curves

Demand curves that show a significant change in quantity demanded when prices change, indicating sensitivity to price alterations.

Monopolistic Competitors

Firms in a market structure characterized by many sellers offering products that are similar but not identical, leading to non-price competition.