Use the following to answer question(s): Third-Party Payers

-(Exhibit: Third-Party Payers) Based on the exhibit, and assuming there are no third-party payers:
A) the equilibrium quantity is 3 million physician office visits per week.
B) the equilibrium quantity is 2 million physician office visits per week.
C) the total amount spent on physician office visits at the equilibrium price is $180 million.
D) the equilibrium quantity is 1 million physician office visits per week.

Question

Use the following to answer question(s): Third-Party Payers
 
-(Exhibit: Third-Party Payers) Based on the exhibit, and assuming there are no third-party payers:
A) the equilibrium quantity is 3 million physician office visits per week. 
B) the equilibrium quantity is 2 million physician office visits per week. 
C) the total amount spent on physician office visits at the equilibrium price is $180 million. 
D) the equilibrium quantity is 1 million physician office visits per week.

Quizplus · Accepted Answer

Without third-party payers, the equilibrium point for the market of physician office visits is where the supply curve intersects the demand curve at a price of $90 and a quantity of 2 million visits per week.

Use the Following to Answer Question(s): Third-Party Payers