Q)What are some reasons that health care markets may not be perfectly competitive? a. Many types of employees in health care must have licenses b. Insurance means consumers do not pay the full market price for the good or service c. Consumers lack information d. All of the above

Q)What are some reasons that health care markets may not be perfectly competitive? a. Many types of employees in health care must have licenses b. Insurance means consumers do not pay the full market price for the good or service c. Consumers lack information d. All of the above

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

ChapterST7: The Economics Of Health Care

Section: Chapter Questions

Problem 1CQ

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Question

Q)What are some reasons that health care markets may not be perfectly competitive?

a.	Many types of employees in health care must have licenses
	b.	Insurance means consumers do not pay the full market price for the good or service
	c.	Consumers lack information
	d.	All of the above

Definition Definition Structure of the market that exists when many buyers and sellers exchange similar commodities and prices are fixed by market forces, demand, and supply. When there is perfect competition, a single business cannot impact the price or market value of the homogenous product.

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