Business behavior and public policy1 define market power

Reference no: EM13377243

Business Behavior and public policy

1. Define Market power, and then discuss the rationale for government regulation of firms with market power.

Rent Seeking

2. Explain how rent seeking can lead to a drop in production of goods and services. What role might the underground economy play in lessening the drop in productive activities?
Offical Poverty Level

3. Although the poverty rate among single mothers has decreased since 1960, the number of poor children from such families has more than doubled. Explain

Income Differences

4. List some reasons why household incomes differ. Which factors are the most important?

Official Poverty Level

5. How does the U.S. department of agriculture calculate the official poverty level? What government assistance programs does the census bureau consider when calculating household income? What programs are ignored?

Reference no: EM13377243

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