- List and briefly explain the features of a perfectly competitive market structure.
- How do firms in a perfectly competitive market determine price and profit-maximizing output levels? (Note: You will be building on your discussion post related to this question in the paper. Be sure to do more than just repeat what you stated in the discussion; instead, expand upon it based on feedback and dialogue and further research from our work this week.)
- According to Papanicolas, Woskie, and Jha (2018), the main drivers of the cost of healthcare in the U.S are "labor and goods, including pharmaceuticals and devices, and administrative costs" (Key Points section, para. 2). This (labor and goods as drivers of cost) occurs in higher education and in the arts as well. Imagine that you are the Chief Financial Officer (CFO) of a large medical facility, a higher education institution, or an arts organization (select one to frame your response). What cost-cutting measures would you propose to address the excessive cost of operating the facility while maintaining the quality of services?
Click on the link to read an excerpt from the article:
Question: Why is health care spending in the United States so much greater than in other high-income countries?
Findings: In 2016, the United States spent nearly twice as much as 10 high-income countries on medical care and performed less well on many population health outcomes. Contrary to some explanations for high spending, social spending and health care utilization in the United States did not differ substantially from other high-income nations. Prices of labor and goods, including pharmaceuticals and devices, and administrative costs appeared to be the main drivers of the differences in spending.
Meaning: Efforts targeting utilization alone are unlikely to reduce the growth in health care spending in the United States; a more concerted effort to reduce prices and administrative costs is likely needed. (Key Points section, para. 1-3)
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