Colonoscopy price is so expensive but the patient

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Unformatted text preview: ten most medical doctors find out that the patients had not been well- served but just say go home Supply – may not respect principal- agent issue: Agent has to provide the principal with the service. Colonoscopy (price is so expensive but the patient needs it tp make sure he doesn’t have any issues) Price – not moving in direction of “law of one price” Competitive elements will try to move in a competitive pricing environment Externalities: Negative (DDT bug spray but birds all end up dying) or positive: Nordhaus Some key concepts: Opportunity cost: cho...
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