Why does this requirement promote competition

Reference no: EM133441251

Assignment:

Required Texts: Lee, Robert H., "Economics for Healthcare Managers - Fourth Edition"; Health Administration Press - American College of Healthcare Executives; Chicago, IL.

1. What are some strategies for reducing adverse selection in insurance markets? What sorts of problems do these solutions cause?

2. The Federal Trade Commission requires that firms advertise truthfully. Why does this requirement promote competition? Would firms be better or worse off if the Federal Trade Commission adopted a "let the buyer beware" policy?

3. A new test identifies individuals with a genetic predisposition to develop heart disease before age 70. People who are predisposed to heart disease cost twice as much to insure as those who are not.

a. Can you make a case that a law prohibiting this test would be a good idea?

b. The test is not expensive. Would you prefer to skip the test and buy insurance at a premium that covers everyone or take the test and buy insurance at a premium that covers your group?

Reference no: EM133441251

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