Question

Research the demographic population of the area you live and the available healthcare providers. explain who...

Research the demographic population of the area you live and the available healthcare providers.

explain who might have market power based on the potential supply and demand based on your research.

Include key points from your textbook reading assignment.

Identify other points of market power and how that could impact their region.

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Answer #1

In the region i live in, there are 3 hospitals for a population of 20,000 people and number of healthcare workers is 500 in total. This means that per healthcare worker, there are 40 people which means that demand is more than supply and thus supply side has more market power and can set prices according to them for their services as there are a few suppliers and large number of buyers. Other factors are the level of services provided by each hospital and competitive nature of hospitals which can work in favour of people.

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