Government Health Care Programs Such as Medicare and Medicaid Are

question 31

Multiple Choice

Government health care programs such as Medicare and Medicaid are justified on the basis of the notion that the government has a responsibility to ensure

• A) that markets remain competitive.
• B) a fairer or more desirable distribution of income.
• C) full employment with stable prices.
• D) that fraud is prevented.
• E) the elimination of external economies.

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Definitions:

Purely Competitive Industry

A purely competitive industry is characterized by many buyers and sellers, homogenous products, and free entry and exit from the market, ensuring no single entity can control the market price.

Units of Output

Quantities of product or service produced by a company, which can be measured to assess productivity or performance.

Quantity Supplied

The amount of a product that producers are willing and able to sell at a given price over a specified period of time.

Product Price

The amount of money required to purchase a good or service, commonly influenced by costs, demand, and supply factors.