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Increases relative to the population of consumers

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As the supply of a product or service increases relative to the population of consumers, the price of that product or service should decrease. The population of practicing physicians in the U.S. has increased at twice the rate of the population as a whole. However, rather than going down physician pricing, incomes have gone up dramatically over the last 30 years. Explain the economic anomaly in terms of (1) problem statement(s), (2) potential alternatives and (3) solutions to this anomaly.

 

 

Reference no: EM132302965

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