Third party payer system on equilibrium price and quantity

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Explain the effect of a third-party-payer system on equilibrium price and quantity. I have a neighbor who had bi-pass surgery that cost us all $150,000 and he was 90 years old. This is a 3rd party example where he only has a few years left but was not able to pay to have the surgery done but we taxpayers paid it. Explain if this is an example of 3rd party payer system and it what way you believe it to be the case?

Reference no: EM1369364

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