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Draw the locus of possible insurance contracts

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a. Contrast prices in a market characterized by oligopoly vs. perfect competition and explain the difference.

b. Draw the locus of possible insurance contracts in the oligopolistic market and the perfectly competitive market for health care. Draw this in the "Cost per Unit of Insurance" vs "Fullness of Insurance" space.

c. What happens to cost, coverage, and utility when oligopolies are broken into competitive markets? Illustrate these changes with arrows indicating the amount and direction of change on the same diagram.

Reference no: EM133078567

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