The authors of "US Healthcare: Nothing More than a Classic Market Failure" argue that the following factors likely do not explain much of the upward pressure on the price of healthcare in the US (choose all that apply):

overutilization of medical resources

health worker wages

research and equipment costs

quality of care

limited supply of physicians

Explanation:

Only the governments of two developed economies in the world do not provide universal health care to their citizens and they are Switzerland and the United States. But even Switzerland's model is very different than the American health care model because their general tax levels are much lower and all medical expenses are tax deductible.

The American health system is generally considered very good but extremely expensive which actually causes market failures because the consumer surplus is virtually non-existent. The general well being of society as a whole decreases due to the excessive costs of health care.

Universal healthcare in other countries is also very good quality health care, their workers are paid very high wages, they also suffer from a shortage of medical personnel (it's a world wide phenomenon), their healthcare systems are not collapsing due to over utilization and research and equipment costs are very similar. I would need to do some more research but I believe that European doctors and medical personnel even earn higher wages than their American counterparts, so all of these arguments do not justify a private healthcare system in the US.

Even if we look at the Canadian healthcare system we can get an idea of how the American healthcare could work better and at much lower prices. The healthcare industry is responsible for the high costs and the market failure, not the service itself. The same drugs sold in Canada are much cheaper than the drugs sold in the US and they are the same pharmaceutical company, the difference is that the government regulates profit margins.