Which of the Following Is NOT a Consequence of the Introduction

question 178

Multiple Choice

Which of the following is NOT a consequence of the introduction of the Medicare program?

• A) an increased quantity of medical services demanded
• B) an increased ability for the elderly to obtain medical services
• C) an increased ability for the poor to obtain medical services
• D) a reduced demand for medical services

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Definitions:

Homogeneous

Describes a substance or mixture that has uniform composition and properties throughout.

Differentiated Products

Goods or services that are distinguished from one another by quality, design, features, or branding, allowing firms to compete on factors other than price.

Monopolist

A monopolist is a market participant that has exclusive control over the market for a particular good or service, without any competition.

Vigorously On Price

An expression that may not accurately define a specific economic term but suggests active competition or negotiation around prices. NO.