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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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BuyFindarrow_forward

Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

If there were no third parties in medical care, medical care prices would be lower. Do you agree or disagree? Explain your answer.

To determine

The impact of involving third parties in medical care.

Explanation

Yes, when third parties, like a health insurance agent, are involved in medical care, the demand for medical care also would be higher. This increase in demand would increase the cost of medical care and hence, the price paid by the individuals also would be higher. When there are no third parties, individuals would have to pay only lower price for medical care...

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