A situation known as a "market failure" occurs when the market itself is unable to efficiently distribute resources in a way that balances social costs and benefits.
Market failure refers to a situation where there is an inefficient allocation of products and services on the open market. The individual incentives for rational behavior do not result in rational outcomes for the collective in a market failure.
In other words, each person chooses what is best for themselves, but those choices end up being bad for the collective. This can occasionally be demonstrated in conventional microeconomics as a steady-state disequilibrium condition.
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Answer:
Explanation:
<u>How Continuous Improvement is impacting Healthcare</u>
1. There is now a greater availability of consultancy services
2. Community health awareness programs are instilling health consciousness and care in members of remote communities
3. The presence of NGOs (Non-governmental Organizations) and NPOs (Non-profit Organizations) is increasing the availability of free medicines, equipment and healthcare infrastructure in low-income countries or states
4. Technological revolution has affected the health sector as well. Medical services and interactions between patients and doctors, has gone digital. Software applications were doctors and patients can meet, are now in vogue. This has reduced the stress, costs and risks involved in migrating from one place to another to deliver or receive healthcare. It also helps proffer immediate (temporary or permanent) solutions to emergency cases.
5. Apart from making good use of technology and philanthropy, regular scientific research impacts healthcare positively; by serving better ways to treat certain ailments and searching out the cures to new ailments or pandemics.
If this question has the same list of choices as the ones posted before, the statement that does not accurately describe a characteristic of cash value for whole life insurance is:
"<span>Policy that accumulates cash value is less expensive than a policy that does not accumulate cash value."</span>
Answer:
The correct answer is option b.
Explanation:
In an open economy, domestic firms have to face competition from the foreign producers. If firms face losses in the long run, because of import competition, these firms will leave the industry.
As the number of domestic firms get reduced, the demand curve of the other firms will become flatter. This happens because of the foreign firms that bring in a large variety of goods in the domestic market.
Answer:
d. quality.
Explanation:
-Delivery area refers to the places in which the appliances can be delivered.
-Quantity refers to the amount of appliances that the company can produce and sell.
-Price refers to the amount of money that customers would pay for the appliances.
-Quality refers to the degree in which the appliances can meet the customer's requirements.
According to this, the answer is that based on its customers, ABC should try to dominate the market in quality because its products meet the expectations of professional chefs and that should be market to focus on as the company can have an important advantage by providing exactly what they need.
The other options are not right because professional chefs are interested on what they can do with this appliances and not on price, quantity or delievery area.
