Market Structure and the Role of Government

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.

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This assignment assesses the following programmatic competencies: HCA 3.1: Explain how economics influence decision making related to health care.

SAMPLE SOLUTION

Market Structure and the Role of Government
Why Economic Profits Are Zero
Monopolistic competition refers to a market in which many organizations offer differentiated products/services, which are not perfect substitutes. There is also low barriers to entry and exit in this kind of the market. The decisions of anyone business/firm do not have a direct impact on | PLACE YOUR ORDER NOW AT writtask.com | competition is closely associated with a brand differentiation business strategy. In the short term, businesses or firms can generate a lot | PLACE YOUR ORDER NOW AT writtask.com | argues that because of the low barriers to entry, other businesses or firms have an incentive and motivation to enter the market, thus increasing the competition level till there is zero economic profit (Martin, 2012). This implies that…