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Author Question: Why Costs RiseIn the United States, health care costs are paid by a third-party, which results in a ... (Read 2967 times)

ncasson210

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Why Costs Rise

In the United States, health care costs are paid by a third-party, which results in a higher demand for medical services than with other health care systems. The graph shows the supply curve (S), the demand curve when consumers pay the full price (D1), and the demand curve with a third-party payer system (D2).

Assume that P1=$65.50, P2=$99.00, P3=$120.50, P4=$144.00, Q1=34, and Q2=64. The third-party payer system leads to an ________ (underproduction/overproduction) of medical services by ________ and a ________ (decrease/increase) in the market price by ________.
◦ underproduction, 30, decrease, $55.00
◦ overproduction, 64, decrease, $55.00
◦ overproduction, 30, increase, $21.50
◦ underproduction, 64, increase, $21.50


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Marked as best answer by ncasson210 on Nov 23, 2022

sadoniam

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ncasson210

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Reply 2 on: Nov 23, 2022
Excellent


Laurenleakan

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

 

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