Using the concepts in Chapter 7’s discussion of consumer behavior, explain how health care insurance results in an over allocation of resources to the health care industry. Use a demand and supply diagram to specify the resulting efficiency loss.
11. How is the moral hazard problem relevant to the health care market?
12. What is the rationale for exempting a firm’s contribution to its workers’ health insurance from taxation as worker income? What is the impact of this exemption on allocative efficiency in the health care industry?
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