Answer the following question:

Your best friend has recently been exposed to the wonderful world of Economics 101, where they have learned about the virtues of competitive markets. Their professor showed them how things like minimum wage and government price controls create inefficiency. You mention that you're taking Health Economic and Policy, and the response is, "How could that take a whole semester? Just let the market work! We will end up with an efficient level of health care at the lowest possible price for consumers!" Explain why one cannot depend upon these outcomes in a "free market" for health care.