Government regulators have responded to the apparent change in the effects of concentration on hospital markets and now tend to see competition as beneficial. O True False
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- Have Government regulators responded to the apparent change in the effects of concentration on hospital markets and now tend to see competition as beneficial? True or FalseLicensure requirements give physicians a monopoly privilege to practice medicine. As such, they have certain responsibilities and obligations. True FalseQ. 1 because of lack of global competition, Halyard health is currently operating at 100% capacity. This suggests that…
- It is generally agreed that unrestricted price competition among insurers could be detrimental to the public, yet some people argue that antirebating laws represent an unnecessary restriction on price competition among insurance agents and that such laws should be repealed. What is your opinion?You are considering entry into a market in which there is currently only one producer (incumbent). If you enter, the incumbent can take one of two strategies, price low or price high. If he prices high, then you expect a $60K profit per year. If he prices low, then you expect $20K loss per year. You should enter if you believe demand is inelastic. you believe the probability that the incumbent will price low is greater than 0.75. you believe the probability that the incumbent will price low is less than 0.75. you believe the market size is growing.Question The Orphan Drug Act provides special patent protection and financial support from the state government for drugs designed to treat patients with diseases or conditions that effect 200,000 people or less. True False
- Consider a hospital that faces a demand curve, P = 150-Q, and supply curve MC=Q. a. Derive the hospital’s choice of output level Q and price P when it is the only provider in the area (monopoly) B. Derive the hospital’s choice of output level Q and price P under perfect competition.Oculus and Maxygen are small drug companies. Oculus has obtained a patent on a new antibiotic that is effective against an emerging superbug—a bacteria that is resistant to traditional antibiotics. Unfortunately, the Oculus drug has severe side effects, making the drug unsuitable except for patients who are desperate. Ownership of this drug is worth $20 million to Oculus under the current situation. Maxygen has a patent on another drug that is of no therapeutic value in itself so the drug generates no current income for Maxygen. However, when combined in a particular way with the Oculus drug, it dramatically reduces the negative side effects. The value of the two drugs together is estimated at $55 million. Maxygen is negotiating to sell its patent to Oculus. Situations of this type are fairly common in the drug business and sales of patent rights are common. However, sometimes negotiations over such sales take a long time and sometimes negotiations are unsuccessful. Why…Perdict how fast the pharmaceutical industry will respond to a common health problem verses an extremely rare disease.
- B. Now suppose insurance rules are changed to permit a new insurer (B) to enter this marketplace and be allowed to exclude the high risk due to pre-existing condition exclusions while the other incumbent insurer (A) is forced to still charge a community rate (as in the ACA). Assuming loads remain at 20% in long run equilibrium, what would the premiums be in each market, (low risk, high risk)?Imperfect competition and moral hazard. Some economists have argued that moral hazard and monopolistic health care markets are two socially inefficient problems that partially cancel each other out. Relative to the optimal level of health care Q∗, how much health care is provided in the presence of moral hazard? Assume perfectly competitive health care markets. Relative to the optimal level of health care Q∗, how much health care is provided in the presence of monopolistic health care markets? Assume no moral hazard. Write a one-sentence defense of the argument that moral hazard and imperfectly competitive health care markets could combine to provide a good level of health care provision Q.The following graph illustrates Demand, Marginal Revenue and cost curves for GeneTech firm which produces vaccine. In which market structure is this firm operating, monopoly or Perfect competition? How do you know? How many vaccines should GeneTech produce to maximize its profit? How do you know? Explain your answer. What price should GeneTech charge for its vaccine to maximize its profit?