** PLEASE READ CAREFULLY ** PLEASE DO NOT DEFINE MARKET FAILURE OR A NONPROFIT O
ID: 1141008 • Letter: #
Question
** PLEASE READ CAREFULLY **PLEASE DO NOT DEFINE MARKET FAILURE OR A NONPROFIT ORGANIZATION, PLEASE ANSWER THE SPECIFIC QUESTIONS ASKED.
PLEASE DO NOT COPY AND PASTE (AKA PLAGIARIZE) YOUR ANSWER.
Identify a specific market failure that has been taken on in some way by a nonprofit organization.
Explain the specific failure as well as what the nonprofit organization did to rectify/attempt to rectify the failure. ** PLEASE READ CAREFULLY **
PLEASE DO NOT DEFINE MARKET FAILURE OR A NONPROFIT ORGANIZATION, PLEASE ANSWER THE SPECIFIC QUESTIONS ASKED.
PLEASE DO NOT COPY AND PASTE (AKA PLAGIARIZE) YOUR ANSWER.
Identify a specific market failure that has been taken on in some way by a nonprofit organization.
Explain the specific failure as well as what the nonprofit organization did to rectify/attempt to rectify the failure. ** PLEASE READ CAREFULLY **
PLEASE DO NOT DEFINE MARKET FAILURE OR A NONPROFIT ORGANIZATION, PLEASE ANSWER THE SPECIFIC QUESTIONS ASKED.
PLEASE DO NOT COPY AND PASTE (AKA PLAGIARIZE) YOUR ANSWER.
Explain the specific failure as well as what the nonprofit organization did to rectify/attempt to rectify the failure.
Explanation / Answer
Suppose a public hospital is a nonprofit organization. Patients used to come here because of cheap rate of treatment. The whole such hospitals in an economy create public hospital market.
Market failure: This is not a profit-motive business but the main objective is to provide maximum social welfare in terms of number of beds, thorough treatments, infrastructural facilities, etc. Suppose there is a market failure of not having best doctors in these hospitals. Doctors are reluctant to take jobs there because of low pay scales; they are interested in private hospitals only. This is a serious case of doing injustice to poor people, because they can’t afford to bear the cost of high private hospital bills.
Rectification: Hospitals are unified together. They raise their voices in front of government so that maximum social welfare could be provided. They recommended revised pay scale for doctors along with perquisites and additional retirement benefits. This may attracts best doctors to join in these hospitals.
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