Which of the Following Is a Consequence of Government Programs

question 55

Multiple Choice

Which of the following is a consequence of government programs like Medicare and Medicaid?

• A)Increased cost of medical care
• B)Increased price elasticity of demand for medical care
• C)Increase in the the number of private health insurance companies
• D)Increased demand for health care
• E)Increase in the marginal cost of medical care

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Definitions:

Product Differentiation

The process by which companies distinguish their products from those of competitors, through design, features, branding, quality, or other attributes.

Product Differentiation

The process of distinguishing a product from others in the market to attract a specific target market.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that consumers are willing and able to purchase at various prices.

Economic Profit

The variance between an enterprise's aggregate income and total outlays, taking into account both clear and assumed costs.