Match the Term with the Appropriate Definition or Description

question 28

Multiple Choice

Match the term with the appropriate definition or description:
-Who founded The Pennsylvania Hospital, the first hospital in the United States?

• A) Robert Koch
• B) Benjamin Franklin and Dr. Thomas Bond
• C) Louis Pasteur and Benjamin Franklin
• D) Thomas Edison and Robert Koch

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Definitions:

Market Equilibrium

The condition in which market supply equals market demand, such that prices become stable.

Increased Demand

Describes a situation where a larger number of consumers are willing and able to purchase a good or service at a given price, often leading to higher prices or a market shortage if supply does not increase correspondingly.

Price Ceiling

A legally established maximum price that can be charged for a good or service, preventing prices from reaching equilibrium levels.

Surplus

A situation where the quantity of a product supplied exceeds the quantity demanded, often resulting in a decrease in prices.