Cyril Is a 70-Year-Old,retired Grocery Store Owner from Brooklyn Who

question 88

Multiple Choice

Cyril is a 70-year-old,retired grocery store owner from Brooklyn who fell out of a tree while bird-watching in upstate New York.The bill from the hospital for putting a cast on his broken arm is estimated to be $5,000.This price for medical care was determined by the

• A) intersection of supply and demand in an unfettered market.
• B) intersection of supply and demand,but the government played a significant role in increasing supply and imposing a payment limit through the Medicaid program.
• C) intersection of supply and demand,but the government played a significant role in reducing supply and imposing a payment limit through the Medicare program.
• D) involvement of the government through the Medicare program,and the cost was increased because hospitals are not required to deliver emergency room care to the uninsured.
• E) intersection of supply and demand,but the government played a rather insignificant role despite providing Medicare health insurance.

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Definitions:

Equilibrium Price

The price point at which the supply of goods aligns perfectly with the demand for those goods.

Supply

The total amount of a specific good or service that is available to consumers, often influenced by price, production costs, and market demand.

Bacon Cheeseburgers

A hamburger topped with bacon and cheese, serving as a popular American fast food dish.

Price Decreases

Reductions in the cost of goods or services, often leading to increased demand.