You MUST answer the entirety of this question

 a. The appeal of the "free market model" (perfect competition) is that it maximizes efficiency in production and maximizes consumer welfare if all of the assumptions are satisfied.

 

Describe all of the assumptions of the free market model and the meaning of each (i.e., do not just list the assumption, explain what they mean)

b. Compare the extent to which the assumptions differ in the health care market (10 points). You must include a discussion of each of the factors and how the assumptions differ in the health care market (as opposed to the "free market model").

c. Provide at least one (1) specific example of a distinction between the two models that was NOT discussed in the lecture .