What economic concept would price transparency lower health care costs cover? So that Patients could save...

What economic concept would price transparency lower health care costs cover? So that Patients could save a lot of money if they shopped around for providers who charge less.

Expert Solution

Price transparency would lower the concept of price discrimination.

Price discrimination is the concept where the providers of a particular service or good charges different prices from different consumers.

If the price of each healthcare provider is made transparent, then the consumers will be able to make comparison among the various healthcare providers and choose the one who is charging less.

It will also make sure that the providers charge same price from all the consumers.

Rahul Sunny answered 2 years ago

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