According to the CIHI (2011 Highlights),what Factor Has Contributed to the Lower

question 92

Multiple Choice

According to the CIHI (2011 Highlights) ,what factor has contributed to the lower cost of hospital care?

• A) fewer acute care hospitalizations
• B) better prescription drugs
• C) fewer incidences of chronic diseases
• D) the great distances between older people and hospitals

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Definitions:

Producer Surplus

The difference between what producers are willing to accept for a good versus what they actually receive.

Ruby

A precious red gemstone made of corundum (aluminum oxide), prized for its color and brilliance.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service versus the total amount that they actually pay.

Supply Curve

A graph showing the relationship between the price of a good and the quantity of that good that sellers are willing to supply.