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briefly explain how well does the medical care market meet the criteria of a competitive market...

briefly explain how well does the medical care market meet the criteria of a competitive market ?

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Answer #1

Competitive Market occurs where large number of sellers and buyers exist in market. There is perfect information about the market, Price is determined in market or individual firm does not have control over the price.

Medical care market in USA is not competitive market. People do not have full information about the medical care. Insurance facilities are over exploited. Government interferes in the market, thus free forces do not act in right direction.

Thus, Medical care market does not satisfies the condition of competitive market.

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