Match the Term with the Appropriate Definition or Description

question 37

Multiple Choice

Match the term with the appropriate definition or description:
-The value of all of the goods and services produced in the United States

• A)cost-push inflation
• B)demand-pull inflation
• C)diagnosis related groups (DRGs)
• D)Final Report of the Committee on the Costs of Medical Care
• E)gross domestic product (GDP)
• F)health maintenance organization (HMO)
• G)medical malpractice
• H)national debt
• I)Organization for Economic Cooperation and Development (OECD)
• J)"pain and suffering"
• K)quality improvement (QI) initiatives
• L)regional variation in health care costs
• M)Roemer's law
• N)yearly deficit

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Definitions:

Price Taker

A market participant who has no influence over the market price and must accept the prevailing market price for its products or services.

Price Maker

An entity, typically a firm, with enough market power to influence or set the price of its product or service rather than taking the market price as given.

Average Revenue

The amount of income generated per unit of sale, calculated by dividing total revenue by the number of units sold.