Efficient market

  o What factors must exist for there to be an efficient market? o What does it mean when there is market failure? Give an example of market failure in the healthcare market? o What is the economic impact of government price controls? Provide an example of price controls in the healthcare area. o What economic rationale supports the government provision of health insurance to the poor. o What are the characteristics of a "public good"? Why is it difficult for a private company to provide a public good? o Do you think licensing of physicians increases quality of health care? o What is the impact of physician licensing on the quantity of physicians, does licensing increase or decrease the quantity? o What market failure does the regulation of nursing home quality issues address?