Suppose consumers pay less than the true cost of medical services because a third party, such as an insurance company or the government, pays most of the bill. In the graph, D1represents the demand for medical services if consumers paid the full price of medical services;D2 represents the demand for medical services when consumers pay only a fraction of the true cost of medical services; andS represents the supply of medical services. Use the graph to answer the following questions. Briefly explain your answers.
a. What is the equilibrium market price received by doctors and other suppliers of medical services?
b. What is the efficient quantity of medical services?
c. What is the price paid by consumers of medical services?
d. Which area represents the deadweight loss resulting from consumers not paying the full price of medical services?
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