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Question
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.
Answer
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Related questions
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