Which of the Following Is One of the Three Major

question 8

Multiple Choice

Which of the following is one of the three major factors driving rising health care costs and expenditures?

• A) Aging population
• B) Shortage of medical school applicants
• C) Shortage of nurses
• D) None of the above

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Definitions:

Marginal Cost

The additional cost incurred by producing one more unit of a good or service.

Total Cost

The sum of all costs incurred in producing a good or service, including both fixed and variable costs.

Marginal Cost

The additional cost incurred from producing one more unit of a good or service.

Competitive Market

A market structure characterized by many buyers and sellers, where no single entity has the power to influence market prices.