HGMT 435 UMUC Health Care Economics

HGMT 435 UMUC Health Care Economics essay assignment

1. What are the characteristics of a perfectly competitive market?

2. What is the difference between variable and fixed costs, how do they change in short-run vs. long-run? Provide an example in healthcare.

3. What does increasing returns mean in the short-run? Provide an example of increasing returns?

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4. From an economic perspective, at what point does a firm decide to shut-down? Explain.

5. When a market is perfectly competitive what does this imply about the supply curve and the price charged for a particular good?

6. What is the level of profits in the long-run in a perfectly competitive market? Explain why.

7. What is the difference between an economic and accounting profit?

8. What is the principle of diminishing marginal return?

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