If the Price of a Good Increases One Percent and the Quantity

question 22

Multiple Choice

If the price of a good increases one percent and the quantity demanded of that good decreases one percent, then:

• A) the Law of Demand does not hold
• B) the price elasticity of demand is elastic
• C) the price elasticity of demand is inelastic
• D) none of the other answers

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Definitions:

Billing Date

The specific date on which a bill or invoice is generated, indicating when a payment cycle starts or ends.

Claims Electronically

The submission of insurance claims or healthcare billing information using electronic systems.

Claims Manually

The process of submitting and processing insurance claims by hand or without the aid of automated systems.

Explanation of Benefits (EOB)

A printed description of the benefits provided by the insurer to the beneficiary; provides information to the patient about how an insurance claim from a health provider (such as a physician or hospital) was paid on his or her behalf.