FINAL EXAM URGENT
A. Determine the market structure (type) of prescription drug system of the United States.
B. What are the characteristics of this market structure?
C. Is this system resource allocative efficient?
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This is an excerpt from an article authored by Gerald W. Scully, Emeritus professor of Economics at the University of Texas at Dallas. This article is published at EconLib by Kenneth A. Small
After reading this, illustrate using a graph(s) (up to 2 graphs) how a U.S. Sports League (pick one sports league such as the NFL, NHL, MLB, NBA) earns higher profits when in a cartel agreement.
Instruction: create the illustration per this question (use online drawing tools OR graph on paper, take a picture and upload OR graph, save as PDF and submit).
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- Reference Today’s Economic Puzzles: A tale of Weakening Competition (Links to an external site.). After reading this article Today’s economic puzzles_ A tale of weakening competition.pdf respond to these questions.
Explain how market concentration leads to
- higher prices,
- less competition,
- wage and income stagnation, and
- slows productivity in the short-run
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