The Third-Party Payment System Allows Many Who Would Not Otherwise

question 10

True/False

The third-party payment system allows many who would not otherwise be willing and able to purchase health care to be able to purchase the care.

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Definitions:

Producer Surplus

The difference between the amount producers are willing to supply a good for and the actual amount they receive by selling it.

Market Price

The current price at which a goods or service can be bought or sold in a particular market.

Consumer Surplus

The gap between what consumers are prepared and capable of paying for a product or service and what they end up spending.

Supply Change

An alteration in the quantity of goods or services that producers are willing and able to sell in the market, due to factors like price, technology, or input costs.