Answered: The idea that hospital competition has…

EBK HEALTH ECONOMICS AND POLICY

7th Edition

ISBN:9781337668279

Author:Henderson

Publisher:Henderson

Chapter9: The Physicians’ Services Market

Section: Chapter Questions

Problem 4QAP

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Question

The idea that hospital competition has led to a “medical arms race” can help explain why the U.S. has more than twice the OECD average number of MRI machines per 1,000,000 population.

True

False

Expert Solution

Step 1: Define economics

Economics is a social science that studies the production, distribution, and consumption of goods and services. It analyzes how individuals, businesses, and governments make choices to allocate limited resources to satisfy unlimited wants and needs. Economics encompasses various concepts and theories, including supply and demand, market structures, pricing, inflation, unemployment, economic growth, and international trade. It provides insights into how economies function, the factors that influence economic behavior, and the effects of economic policies and decisions on individuals, businesses, and society as a whole.