Respond to the question assigned to you. Include the question at the beginning of your post. Then respond to the initial post of two other students. Ask probing questions. Always include citations and references in correct APA format. Ensure you reply to any follow-up questions by the professor.
1. What exactly is the law of demand? Why does the demand curve generally slope downward?
2. Explain the price elasticity of demand? Why is this important when looking at the demand for health care?
3. What does it mean if a good has inelastic demand? Provide an example of an inelastic good?
4. What factors lead to a shift in the demand curve for healthcare?
5. What do we mean when we say goods are substitutes? Provide an example related to health care.
6. What do we mean when we say goods are complements? Provide an example related to health care.
7. Economists agree that the healthcare market is characterized by â€œasymmetric information,â€ what does this mean exactly?
8. What does diminishing marginal utility mean?
9. Health care has both a consumption component and investment component? What is the investment component and can you provide an example?
Martin, Beverly – question #7