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Economics Project

In: Business and Management

Submitted By audr
Words 1732
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I choose situation A in which I am to advice Jenny my niece about the choices of her future. She wants to be a doctor and I will conduct the economic analysis of the choice she made. To make the decision, I read “Fewer Physicians Move, a Sign of Career Caution” Hubbard( 2013) which is about a survey published by New York Times about 253,000 medical offices. The SK& A conducts a research on around 664,000 physicians on the move rate of doctors and it publishes the reports to be used by pharmaceutical and medical equipment organizations. According to the report, in 2008, the move rate was 18.2%, 15% in 2009, and 12.4% in 2010. This shows a steady decline in the subsequent years. The decline in moving rate and low retirement rate is ascertained to be due to financial stress, the unfavorable medical environment and the rigid licensure laws among others.
The potential competitors to physician’s career in the healthcare industry are dentists, nurse practitioners, and pharmacists among others. However there are no substitutes for physicians services. The potential competitors to the doctors are the insurers because they determine which doctors the patients choose from.
Physicians operate in a monopolistic market because they are the only sellers of medical services. Nurse practitioners cannot even offer the same services the doctors do offer. There are no substitutes to the services offered by physicians. Physicians have strong bargaining position. The physicians are well equipped about the patients’ illnesses and diseases and there is information asymmetry in this industry. Dr. Kumpman in the IWH discussion stated” Health care services are perceived by patients as an inhomogeneous good, therefore physicians can achieve a kind of monopolistic power in supplying their services.” Kumpmann,(2009)
It is easier to excel in this monopoly industry...

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