Which of the following is not a reason why the demand for health care in the U.S. is quite price-inelastic?
A) People consider health care to be a luxury.
B) There are only a few, or no, substitutes.
C) Most consumers do not shop around, preferring a long-term relationship with their doctors.
D) Most patients have insurance, effectively removing their budget constraint for health care.
Correct Answer:
Verified
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