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7) The graph below depicts the social loss from the existence of health insurance in the presence of moral hazard. / Demand curve with partial

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7) The graph below depicts the social loss from the existence of health insurance in the presence of moral hazard. / Demand curve with partial coinsurance Quantity a. What is the cause of the social loss? Briey explain. (7 points) b. Why do we have health insurance if social loss is created as a result of health insurance? (6 points)

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