The concept of _____ does not work well when applied to health care,because the general rule that when the price of an item or service goes up then the demand goes down does not necessarily apply to the public's demand for (or their belief in their right to obtain)a health care item or service.

Question

Quizplus · Accepted Answer

Price elasticity refers to the price that a person is willing to pay for any given item.Its general rule states that when the cost of an item or service goes up,the demand goes down.The principle,however,does not always apply when dealing with health care issues,due to the public's belief that they are entitled to the best available health care,the state-of-the-art treatments,and innovative new techniques and medications,many of which are expensive due to their newness and the overhead necessary for production.

The Concept of _____ Does Not Work Well When Applied