One of the key economic principles is competition

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. 

*Follow rubric verbatim

Textbook: chapter 1-3

Textbook link: https://bncvirtual.com/vb_econtent.php?ACTION=econtent&FVENCKEY=AD9EE8D798DCAFC7E76B5FB7C978DD86&j=43766531&sfmc_sub=1597096465&l=23329524_HTML&u=695880241&mid=524003857&jb=40753&utm_term=10242022&utm_source=transactional&utm_medium=email&utm_campaign=Direct_Ebooks

Guidelines: Your paper must be submitted as a two- to three-page Microsoft Word document with double spacing, 12-point Times New Roman font, one-inch margins, and at least two sources cited in APA format.