List three reasons why oligopolies are considered to be inefficient
What will be an ideal response?
(1.) Oligopolies produce where price is greater than marginal cost. This is an output level that is lower than the socially optimal level of output.
(2.) Entry barriers in oligopolistic markets prevent new capital and other resources from responding to profit signals.
(3.) Product differentiation accomplished through advertising may lead to waste and inefficiency if it serves as an additional barrier to entry.
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Describe the operation of the Medicare program. Discuss who is covered under the program, how it is financed and the distinction between Part A and Part B of the program
What will be an ideal response?
The United States ran a trade deficit in 40 of the 45 years in which period?
a. 1800–1845 b. 1831–1875 c. 1845–1899 d. 1856–1900
Suppose the price of butter falls because milk price supports are removed. Will people's tastes shift away from margarine and toward butter?
Which of the following is an example of using data to improve product availability?
a. Walmart's use of Retail Link to share POS data with suppliers. b. Kroger's use of loyalty cards to generate customer profiles. c. Best Buy's use of weekly cadence calls to build a "single" consensus demand forecast. d. All of the above e. Only A and B