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Question: the free market can only work properly if the conditions...

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The free market can only work properly if the conditions of perfect competition are met. These conditions include perfect information, consumer sovereignty, certainty, no barriers to entry, and no externalities.

Choose two of those conditions, and write a short answer (between half a page and 1 page) for each of the following two questions:

  1. In your own words, describe the two conditions of perfect competition that you chose, and why they matter for supply or demand to be accurate; and,
  2. Discuss how the violation of each of those two conditions could create problems when trying to buy, or sell, health care.
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