What have been the major outcomes from deregulation of industry? Give three examples of changes in particular industries
What will be an ideal response?
The economic effects have generally been positive. Society has benefited from lower prices, lower costs, and increased output. There has also been more technological advance and innovation in deregulated industries. Airline fares, adjusted for inflation, have declined by one-third while airline safety has improved. Rates for trucking and rail transportation have fallen by half. There has been a drop in the cost of telecommunication and brokerage services. Deregulation has sparked technological innovations in telecommunications and related industries.
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Which of the following is a characteristic of capitalism?
a. Government ownership of all capital. b. Government decision-making is preferred to decentralized decision-making. c. Market determination of prices and quantity. d. Equality of income.
Absent any violations of the first welfare theorem, the competitive equilibrium is efficient.
Answer the following statement true (T) or false (F)