Figure 5-3 Figure 5-3 represents the market for medical services with and without insurance,and the effect of a third-party payer system on the demand for medical services.
-Refer to Figure 5-3.With insurance and a third-party payer system,what price do consumers pay for medical services?

Question

Figure 5-3  Figure 5-3 represents the market for medical services with and without insurance,and the effect of a third-party payer system on the demand for medical services.
-Refer to Figure 5-3.With insurance and a third-party payer system,what price do consumers pay for medical services?

Quizplus · Accepted Answer

With insurance and a third-party payer system, consumers typically pay a copayment or a portion of the service cost, which is significantly less than the full price of the service. In this context, $40 represents such a reduced payment.

Figure 5-3 Figure 5-3 Represents the Market for Medical