2. Americans over the age of 65 are covered by Medicare. For them, the medical market...

2. Americans over the age of 65 are covered by Medicare. For them, the medical market is a third-payer market. What is a third-party payer market? How does total quantity of medical services provided in a third-payer market, such as Medicare, compare to a market in which the purchaser of medical services pays the full cost? How does price of medical services provided in a third-part payer market, such as Medicare, compare to the price in a market in which the purchaser of medical services pays the full cost? If third-payer markets, such as Medicare, benefit buyers by providing a greater quantity of services and sellers by yielding a higher price, who is hurt by such a payments system?

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Rahul Sunny answered 1 year ago

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