-Refer to the Above Figure

question 386

Multiple Choice

-Refer to the above figure. A price ceiling has been set at P1, and a black market has opened. The equilibrium black market quantity will be

• A) below Q1.
• B) above Q3.
• C) between Q1 and Q3.
• D) Q2.

---

Definitions:

Health Care Fraud

Illegal activities aimed at obtaining unauthorized financial gains from health care systems.

Medicare

A federal health insurance program in the United States primarily for people who are 65 or older, along with certain younger people with disabilities.

Kickbacks

Illicit payments made in return for facilitating or securing business transactions or agreements.

U.S. v. Park

A landmark legal case where the U.S. Supreme Court held that a corporate officer could be held criminally liable for violations of the Federal Food, Drug, and Cosmetic Act.