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Explain why health care market is not an “Ideal market” and describes 3 examples of market...

Explain why health care market is not an “Ideal market” and describes 3 examples of market failures in the health care market.

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Answer #1

Healthcare market is not anideal market due to higher government intervention, Bureaucracy and statutory laws which make it cumbersome to operate.

Market failures like assymetric information due to mismatch between provider and patuent, moral hazards due to risk taken by healthcare provider and insurance agents, and negative externality due to over pricing of drugs affects the health care sector.

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