To what extent do the providers of the good or service influence consumers’ decisions?
This week, you have been examining how a supply curve and a demand curve intersect to determine market price equilibrium. As you explore possibilities for adjusting market price, one key consideration is the extent to which the market is characterized by competition or monopoly.
Although “it is much easier to understand the extremes of perfect competition or pure monopoly than the in-between compromises which make up the real world” (Appendix, p. 209), the health care market is rather complex and consists of multiple submarkets with varying degrees of competition. In addition, various aspects of the health care industry are important for the determination of market price, as well as adjustments that can be made by shifting the supply and/or demand curves. As you explored in previous weeks, the availability of substitutes, flexibility of input choices for production, production efficiency, and other factors can be quite significant in this regard. To prepare for this Discussion: · Identify an example of a health care good or service to explore for this Discussion.
The following list of submarkets may guide your consideration, but you may select an example from a different arena. ·
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