Suppose you go to a doctor, but your health insurance plan reimburses you for only 80 percent of the bill. This is an example of

A) a copayment.
B) a deductible.
C) monopsony power.
D) a deferred benefit plan.

Copayment

The percentage of (say, health care) costs that an insured individual pays while the insurer pays the remainder.

Monopsony Power

A market situation in which there is only one buyer for a product or service, giving that buyer substantial control over market conditions.

Deferred Benefit Plan

A type of retirement plan in which employees receive benefits, such as pension income, at a later date following years of service, rather than receiving these benefits during their active employment.