Figure 7-5 Figure 7-5 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 7-5. With insurance and a third-party payer system, what price do consumers pay for medical services?

Question

Figure 7-5  Figure 7-5 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 7-5. With insurance and a third-party payer system, what price do consumers pay for medical services?

Quizplus · Accepted Answer

In a third-party payer system, consumers typically pay a lower price than the market price due to insurance coverage. The price consumers pay is often a copayment or a portion of the actual cost, which in this case is $40.

Figure 7-5 Figure 7-5 Represents the Market for Medical