In what ways is the purchase of medical services similar to the purchase of a car?...

In what ways is the purchase of medical services similar to the purchase of a car? In what ways is it different?

Expert Solution

Both medical services and cars are purchased in the market and their prices are determined by their demand and supply. We purchase both on the basis of our ability and willingness to pay for them. However, medical services are essential services while the purchase of the car may not be essential since there are other modes of transport. Also, medical services are required immediately, otherwise it may cost your life or health while the purchase of the car may be postponed to a later date if prices are expected to decline. We may not be in a position to bargain while purchasing medical services since their non provision may cost us our lives, and we may be forced to pay above market prices to obtain them. On the other hand, not purchasing a car does not affect our lives so drastically, so we will not pay much above above the market price and would look for other options.

Rahul Sunny answered 2 years ago

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