When Just One Business Provides a Good or Service in a Particular

question 3

Multiple Choice

When just one business provides a good or service in a particular market, what results?

• A) Monopoly
• B) Lower prices due to that company's efficiency
• C) Oligopoly
• D) Trust
• E) Deregulation

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Definitions:

Administrative Costs

Expenses related to the management and operation of a business, organization, or healthcare system that do not directly contribute to the product or service being offered.

Malpractice Suits

Legal actions filed against healthcare professionals or institutions for negligence or failure to provide an adequate level of care, resulting in harm to a patient.

Health Care

A broad sector involving the diagnosis, treatment, and prevention of disease, illness, injury, and other physical and mental impairments in people, delivered by health professionals and allied health fields.

Commercial Insurers

Private entities that provide a range of health insurance plans and policies to individuals and businesses, operating for profit.