What is the problem with government- run monopolies like Social Security and Medicare?
a) There are no market forces that compel them to provide good customer service since government bureaucracies are protected from competitive
market forces.
b) Since they do not follow the concept of MC=MR, there is no motivation to bring costs under control since there is an endless flow of taxpayer moneycoming into the programs.
c) The government regulators often make their choices based on political considerations and not on real-world market conditions.
d) All of the statements listed above are essentially correct and have merit.