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Public policy toward monopolies Suppose that the government is concerned that an electric utility company is taking advantage of consumers with unfair pricing policies. The government views electricity as a public good that is likely to be produced inefficiently by the private sector. Which of the following policy options might most effectively enable the government to achieve its objectives in this situation?
1. Regulate the pricing behavior.
2. Do nothing at all.
3. Turn the company into a public enterprise.
4. Use the law to increase competition.
The moral hazard is the degree of risk that the insurance company is taking in order to provide coverage on the individual.
What is the private value of innovation to the innovating firm? What if the innovation were drastic so that the innovating firm exists as a monopoly after the innovation?
When a perfectly competitive firm is producing at its profit maximizing level of output, its MR is equal to price and its MC while it may or may not be making an economic profit. The price a profit maximizing monopoly charges is always greater than i..
In what way (or ways) is the current Knowledge Revolution a child of the Industrial Revolution? Is this a new revolution or simply an extension of the 18th-century revolution? Given the history, is it perhaps more appropriate to call the current revo..
Two weeks later, Nina arrives and demands to purchase 15 of Seth's cars. Is he obligated to sell?
A company is producing 15,000 units. At this output level, marginal revenue is $22, and the marginal cost is $18. The firm sells each unit for $48 and average total cost is $40. What can we conclude from this information?
The United States simultaneously limits imports of ethanol for fuel purposes also provides incentives for the utilize of ethanol in gasoline which raise the price of ethanol by about 15 percent.
How does a tax affect an individual’s decision? Consider the case of an individual who consumes two goods: bread and tortillas, both of which are initially free. Also, assume that the price of each good and the individual’s income are given
Economists claim that there are several causes of economic inefficiency in medical care. List three basic causes and, for each, describe why it results in economic inefficiency and poor performance in medical markets.
Suppose you are the marketing manager for Fruit of the Loom. An individual's inverse demand for Fruit of the Loom women's underwear is estimated to be P = 25 − 3Q (in cents). If the cost to Fruit of the Loom to produce an item of women's underwear is..
Suppose the nation of Sugarland consists of 50,000 households, 10 of whom are sugar producers. Arguing that the sugar industry is vital to the national economy, sugar producers propose an import tariff. The loss in consumer surplus due to the tariff ..
Two banks (Franklin and Lincoln) compete for customers in the growing city of Logantown. Both banks are considering opening a branch office in one of three new neighborhoods: Is there a pure strategy for this game? If so, what is it? If not, identify..
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