What are the four ways that government policymakers can respond to the problem of monopoly?
First, the government can try to make monopolized industries more competitive by using the power of antitrust laws. Second, the government can regulating the behavior of monopolies, which usually occurs with natural monopolies. Third, the government can own and run a monopoly. Four, the government can do nothing.
Economics
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Let the production function be q=ALaKb. The function exhibits increasing returns to scale if
A) a + b = 1. B) a + b > 1. C) a + b < 1. D) Cannot be determined with the information given.
Economics
When a good is subsidized by the government, the amount of the good produced or consumed declines
a. True b. False Indicate whether the statement is true or false
Economics