Define the terms “market concentration” and “market power” and describe how they are measured. One of the key economic principles is competition or choice.

Define the terms “market concentration” and “market power” and describe how they are measured.
One of the key economic principles is competition or choice.

For this short paper assignment, define the terms “market concentration” and “market power” and describe how they are measured. What tools are used? How do these terms relate to the principle of competition?

Next, apply these concepts, like market power and choice, to the healthcare industry. How do they impact healthcare decision-making and how has healthcare legislation impacted the industry? Support your response with properly cited references from the assigned readings or other academic sources.

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