“Market concentration”

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 the concepts of market power, market concentration, and choice to the healthcare industry. How do you think these economic principles impact healthcare decision making and planning? Support your response with properly cited references from the assigned readings or other academic sources.