Question: The purpose of this assignment is to describe the economic topics and concepts discussed in Chapters 8, 10, 11, 13, 15, and 17 of the Economics of Health and Medical Care textbook.
Respond to the following questions in 150-200 words (per question):
- Explain why economic profits are zero in the long run in a monopolistically competitive market.
- Explain the unique characteristics of the four primary market structures.
- What are the characteristics of a public good?
- Discuss the two ways that product differentiation affects the demand for a product.
- Describe at least five different forms of government intervention in the economy.
- Explain how these economic concepts currently influence the structure of the American health care system and the policy decision-making process around health care.
Answer: Market outcomes are affected by the market structure through opportunities, motivations, and decisions of actors in the economic system…….