Question: 1. This question considers a monopsony. a) Please create a supply and demand graph to illustrate and explain whether the price and quantity of market-clearing

1. This question considers a monopsony.

a) Please create a supply and demand graph to illustrate and explain whether the price and quantity of market-clearing medical care are higher or lower under a single-payer system (monopsony)compared with those in a perfect competitive market.

b) Under what conditions can a single-payer system lower the price of medical care, and at the same time, not decrease the amount of medical care provided, compared with the amount in a perfect competitive market.

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