Why is it necessary for all economic systems to not only provide people with goods and services, but also restrict them from getting as much of these goods and services as they wish?
A) Failure to do this could lead to drastic shortages of goods and services.
B) Failure to do this could reduce the efficiency of the system by producing some goods and services that are not as highly valued as others.
C) Failure to do this could reduce efficiency and lead to an inequitable allocation of output.
D) Failure to do this could lead to an inequitable allocation of goods and services produced.
Question 2
How do oligopolistic firms that sell differentiated products determine their prices?
What will be an ideal response?
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