Which of the following is NOT an example of government intervention in the market? a. Corporate social responsibility b. Use of competition policy to prevent mergers c. Regulation prices d. Legislation banning the sale of the product
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Which of the following is NOT an example of government intervention in the market?
a. Corporate social responsibility
b. Use of competition policy to prevent mergers
c. Regulation prices
d. Legislation banning the sale of the product
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- Match each of the terms to their description: Shutdown Point A. something that keeps new firms from joining a market B. legal protection for inventions C. legal protection for books and music D. a firm that operates as a monopolist Price maker Barriers to Entry Copyright E. revenues do not cover its average variable costs PatentWhat are the concepts, reasons and effects of market failure?How would you describe the development of the market regulation and the concept of "fair competition" in the market?
- Are all markets regulated or deregulated?When should the government regulate business?Relatives and friends whom the consumer trusts are known as Sources of external information. Select one: a. personal b. marketer-dominated C. stakeholder d. relational e. public Your answer is incorrect. When conducting an information search, various product-rating organizations, such as government agencies and TV consumer programs, are known aS
- Classify the following as a government-enforced barrier to entry, a barrier to entry that is not governmentenforced, or a situation that does not involve a barrier to entry. a. A city passes a law on how many licenses it will issue for taxicabs b. A city passes a law that all taxicab drivers must pass a driving safety test and have insurance c. A well-known trademark d. Owning a spring that offers very pure water e. An industry where economies of scale are very large compared to the size of demand in the marketWhat is the difference between government regulation and government intervention in the market?Andrew is a monopolist whose production process exhibits economies of scale. (a) Draw a diagram illustrating Andrew's profit-maximizing price and quantity. On your diagram, identify the deadweight loss of monopoly. (b) The government is concerned that Andrew is charging too high a price and plans to regulate the price. Hustrate the price regulation you would recommend on your diagram and explain your recommendation. (c) What is the maximum amount of money Andrew would be willing to spend lob- bying the government to avoid the price regulation you identified in (b)? 2.
- The accompanying diagram depicts a monopolist whose price is regulated at $10 per unit. Use this figure to answer the questions that follow. a. What price will an unregulated monopoly charge? b. What quantity will an unregulated monopoly produce? c. How many units will a monopoly produce when the regulated price is $10 per unit? d. Determine the quantity demanded and the amount produced at the regulated price of $10 per unit. Is there a shortage or a surplus? e. Determine the deadweight loss to society (if any) when the regulated price is $10 per unit. f. Determine the regulated price that maximizes social welfare. Is there a shortage or a surplus at this price?What are the concepts, reasons and effects of market failure? Note: list them down.A water company is a good example of a(n) _____. a. geographic monopoly b. natural monopoly c. oligopoly d. technological monopoly