How does the law of supply and demand relate to the urgent care medical market in...
How does the law of supply and demand relate to the urgent care medical market in the United States? Explain the increasing demand for urgent care services and its effect on price and supply of services.
Homework Answers
Demand is inelastic for urjent care medical market as people are willing to pay the asked amount for urjent medical care. When there is rise in inelastic demand of urjent care services while the supply curve is upward sloping. Initially the demand curve is AD1 while supply curve is AS1, equilibrium occurs at point A.
In short run, due to rise in demand from AD to AD1 with supply curve remains AS, price rises to AD1 while output rises to Y1.
In long run, government will provid ewnough facilities to raise the supply of urjent medical services which will shift the supply curve to AS1 reducing prices to P2 and keeps output at Y1.
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How does the law of supply and demand relate to the urgent care
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