Consider the market for 7-eleven slurpees. In a market economy only those consumers who are willing...
Consider the market for 7-eleven slurpees. In a market economy only those consumers who are willing and able to pay for Slurpees get Slurpees, is this fair? What about the market for health care?
Homework Answers
Since Slurpees is a good which is exclusively sold by 7-eleven stores, thus there cannot be any regulation in the market and only those who can afford the good can buy it. Moreover it is not a necessity good which is needed for basic survival and thus government intervention is not needed in this market. So, it is fair in the market for Slurpees that those who are willing to pay for the good only buys that good.
In the market for healthcare, government intervention is needed to control prices and also provide healthcare to the masses who are unable to afford their healthcare because it is a basic good needed for survival and government intervenes in the market in all the countries to provide basic healthcare services to all citizens in the country especially the downtrodden.
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