Government regulation of _______________ protects customers from high prices in situations where there is no competition that would ordinarily keep prices down.
a. natural monopolies
b. monopolistic competition
c. perfect competition
d. luxury markets
a. natural monopolies
With natural monopolies, market competition is unlikely to take root, so if consumers are not to suffer the high prices and restricted output of an unrestricted monopoly, government regulation needs to play a role.
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When a demand schedule is drawn as a graph,
A. price is measured on the vertical axis. B. quantity is measured on the horizontal axis. C. the resulting curve has a negative slope. D. the other variables (besides price and quantity) are held constant. E. All of these responses are correct.
Why does the opportunity cost of producing a good rise as more resources are devoted to producing that good?
What will be an ideal response?
The post-World War II record shows that recessionary gaps may be long-lasting because ____ tends not to occur
a. deflation b. reflation c. stagflation d. disinflation
Recall the Application about advertising in the milk industry to answer the following question(s).Recall the Application. The industry ended the "Got Milk?" campaign in 2014 and switched to "Milk Life," which focuses on the ________ of milk.
A. price B. protein content C. calcium content D. None of these