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Government financed programs like Medicaid and Medicare are getting expensive as the population of the United States ages. Since total government expenditures for these programs

Government financed programs like Medicaid and Medicare are getting expensive as the population of the United States ages. Since total government expenditures for these programs equals the price paid per doctor visit or procedure times the number of such visits or procedures, sometimes the government chooses to reduce its expenditures by reducing the prices it will pay per visit or procedure. What effects will this have on the amount of health care supplied? Why? How will this affect patients covered by these programs? How will they adapt?

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