Total US Health Care Spending in 2014 Was Approximately

question 129

Multiple Choice

Total U.S. health care spending in 2014 was approximately

• A) $847 billion.
• B) $1.6 trillion.
• C) $3.0 trillion.
• D) $4.1 trillion.

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Definitions:

Price-discriminating Monopolist

A monopolist that charges different prices to different consumers or groups of consumers for the same product, not based on cost differences.

Market

Any structure that allows buyers and sellers to exchange any type of goods, services, and information.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, with elasticity greater than one indicating a strong response.

Raise Profits

The process of increasing a company's profits through different methods such as reducing costs, increasing sales, or improving productivity.