Address the following
1.List and briefly explain the features of a Perfectly Competitive market structure. How do firms in a Perfectly Competitive market determine price and profit-maximizing output levels?
2.According to Papanicolas, Woskie, and Jha (2018), the main drivers of the cost of healthcare in the U.S are “labor and goods, including pharmaceuticals and devices, and administrative costs” (Conclusions and Relevance). If you were the Chief Financial Officer (CFO) of a large medical facility, what cost-cutting measures would you propose to address the excessive cost of operating the facility while maintaining quality of care?