Physician services as monopolistically competitive market

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Explain the market for physician services as a monopolistically competitive market (rather than a purely competitive or a purely monopolistic market). a) How does the price in such a market compare with the two “extreme” cases of pure competition or pure monopoly, both in terms of level and variability? b) What key forces drive the market to this type of monopolistic competition instead of having a competitive market? c) What effect does this have on overall patient care and costs?

Reference no: EM131236950

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