Illustrate the likely outcomes of this policy change

Reference no: EM133711927

Question: The newly appointed health minister has asked for advice from you regarding the use of new price regulations to keep healthcare affordable and accessible. For example, the equilibrium price of a GP consultation at present is $80, and the health minister intends to introduce new legislation which will prohibit charging more than $50 for a GP consultation. With the aid of a demand and supply graph, can you help illustrate the likely outcomes of this policy change?

Reference no: EM133711927

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