(Note: The subject is Health Care economics. That is why, whoever the writer designated for this essay, should know economics, so that he understands economic terminology, and be able to write with sense and coherently)
The Topic is – “Nursing Shortages: Monopsony Power in the Market for Registered Nurse”
The objective of this essay is to show how monopsony power contributes to the chronic shortage of American nurses in the US. (Monopsony is monopoly in the supply side of economics– and this is especially true in the rural areas in the US where there is only one hospital- one buyer controlling the nurses labor market, and so is able to mandate low wages far below the value of nurses output”. And so this paper should examine how monopsony, with its power to limit the hiring of nurses and power to give low salaries below the nurses’ value of labor, contributes to the chronic shortage of nurses in the United States.
– this essay should include information about supply and demand of nurses in the US, elasticity of the supply of nurses, competitive market, marginal analysis, market failure in the form of monopsony power and its direct link to the shortage of nurses in the US. Please include also the impact of importing international nurses to the US, because of the shortage.
– Make a good summary and then at least 2 suggestions on how to lessen monopsony power in the market for registered nurse and to help solve the problem of shortage of registered nurses in the US.
(Thank you so much in advance and Happy Thanksgiving)
