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1. Adverse selection arises in many economic transactions. What is meant by adverse selection in the health insurance market? (4 points) How is it similar

1. Adverse selection arises in many economic transactions.

What is meant by adverse selection in the health insurance market? (4 points)

How is it similar to the transaction for a used car? (4 points)

Why do we sometimes see 'advantageous selection' in insurance markets?(4 points)

Why is adverse selection minimal in Beveridge-type health systems (e.g. UK and Canada)? (4 points)

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