Match Definition Term to Its Term

question 103

Multiple Choice

Match Definition term to its Term.
-A limit on the total amount that the insurance will pay for a service per year, per benefit period, or per lifetime

• A) Copayment
• B) Premium
• C) Deductible
• D) Cap

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Definitions:

Marginal Expenditure

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

Average Expenditure

The average amount of money spent per unit of time, often calculated for goods, services, or a combination of both by consumers or businesses.

Monopsonist

A market condition where there is only one buyer for a product or service, giving the buyer significant power over prices.

Competitive Buyer

A buyer in a market where numerous purchasers compete to acquire goods or services, often leading to more favorable prices.