1. Can universal healthcare be guaranteed if the market is allowed to operate without government intervention? Why or why not?
2. Is the demand for overall healthcare more elastic or inelastic? What implication does this have?
3. What four assumptions must be met for a market to be perfectly competitive? If these assumptions are not met, does this mean perfect competition cannot be achieved?
4. Can a market work if it is not perfectly competitive? Will it reach equilibrium price? If a price is not at equilibrium will the result be more or less surpluses and shortages of goods and services than if at equilibrium?
5. What is meant by externalities and public goods? Does a market economy address externalities and public goods? What role, if any, can government have in addressing externalities and public goods?