Health Care 4. Hint: the answers of A and E are the same above. However, A and E do not imply the same meaning of resource allocation in Health Care and Education. (1) How are these two points A and E different to each other? /10 pts 5. Failure of competition is one example of market failures. (1) Explain why market becomes no longer efficient when there is failure of competition. (Hint: support your reasoning based on the difference between perfect competition and imperfect competition.) /10pts 6. What is the difference between a monopoly's marginal revenue curve and a perfect competitor's marginal revenue curve? (Hint: describe the difference with respect to price or shape/position of the curve.) Health Care 4. Hint: the answers of A and E are the same above. However, A and E do not imply the same meaning of resource allocation in Health Care and Education. (1) How are these two points A and E different to each other? /10 pts 5. Failure of competition is one example of market failures. (1) Explain why market becomes no longer efficient when there is failure of competition. (Hint: support your reasoning based on the difference between perfect competition and imperfect competition.) /10pts 6. What is the difference between a monopoly's marginal revenue curve and a perfect competitor's marginal revenue curve? (Hint: describe the difference with respect to price or shape/position of the curve.)