The establishment of the Interstate Commerce Act and the Sherman Anti-trust Act showed that the government could pass laws to regulate the _____
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The establishment of the Interstate Commerce Act and the Sherman Anti-trust Act showed that the government could pass laws to regulate the _____
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- What is the patent system intended to do? O reward innovators by granting them temporary monopolies give small businesses a competitive edge over larger businesses spread information among firms as quickly and economically as possible prevent natural monopolies from unfairly exploiting their cost advantagesIn contrast to the Sherman Act, the Clayton Act of 1914 a. was more general, outlawing monopoly or attempting to acquire a monopolyb. identified specific practices that were illegalc. made interlocking directorates legal as long as they were reasonabled. invalidated the concept of "illegal per se"e. made cartels legal English Common law became the basis for American Common Law. What does the Common Law say about damages for parties injured by restraint of trade? a. They are not permittedb. Damages can be awarded in full to injured partiesc. Triple damages are awarded to injured partiesd. Only a fraction of damages will be awarded due to statutory restrictionse. The government could sue for damages on behalf of injured parties, and then give them damages net of taxes Some capital equipment such as a moving assembly line only comes in one size. This usually tends to create a. a significant diseconomy of scale at the plant level b. a significant diseconomy of scale at the firm level c.…For many years, the Justice Department has tried to break up large firms like IBM, Microsoft, and most recently Google, on the grounds that their large market share made them essentially monopolies. In a global market, where U.S. films compete with firms from other countries, would this policy make the same sense as it might in a purely domestic context?
- A drug company produces a new drug to treat baldness. The inverse demand curve for the drug is P = 205 - 200, where Q measures the number of pills in millions. The various costs of production are given by TC = 100 +5Q, ATC = 5 + 100/Q, and MC = 5. If the government grants this firm a patent, it will earn profits of ___________. If the government revokes the patent, and the firm must sell its drug at marginal cost because of competition, it will earn profits or losses of $600 million; $500,000 $70 million; -$25 million $2 billion; $0 $400 million; -$100 millionThe Private Express Statutes, passed in 1792 and (in amended form) still in effect today, contain federal civil and criminal laws relating to the delivery of mail. The statutes grant monopoly powers to the U.S. Postal Service. Given the technology available today, the average effect of this monopoly on the price and quality of mail service in the populated parts of the United States is that the __ because of the monopoly privilege of the USPS. O price is higher and the quality of service is lower O price is lower and the quality of service is higher O price and quality of service are lower O price and quality of service are higherDescribe the difference in economic profit between a competitive firm and a monopolist in both the short and long run. Which should take longer to reach the long-run equilibrium? In the short run, both monopolists and competitive firms _____(can or cannot) earn positive economic profits. In the long run, _____________________ can earn a positive economic profit. 2nd blank choices - neither monopolists nor competititve firms both monopolists and competitive firms monopolists, but not competitive firms competitive firms, but not monopolists True or False: The adjustment to long-run equilibrium occurs more quickly for competitive industries than for monopolists. _________________ (true or false)
- Draw the demand curve, marginal revenue, and marginal cost curves from Figure : , and identify the quantity of output the monopoly wishes to supply and the price it will charge. Suppose the demand for the monopoly’s product increases dramatically. Draw the new demand curve. What happens to the marginal revenue as a result of the increase in demand? What happens to the marginal cost curve? Identify the new profit-maximizing quantity and price. What do you think about the result? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.ALCOA does not have the monopoly power it once had. How do you suppose their barriers to entry were weakened?Describe the major provisions of the Sherman and Clayton acts. What government entities are responsible for enforcing those laws? Are firms permitted to initiate antitrust suits on their own against other firms?
- Different Methods of Monopoly Regulation Discuss the pros and cons of two monopoly regulation methods and evaluate their effectiveness. Which regulation methods is the most effective? Why? Which regulation method fits and exemplifies the two regulation theories? If you were charged with regulating a monopoly, how would yu do it? Take parts for each regulation method you discussed and explain why you think your method would be effective.9-2. Snack food vendors and beer distributors earn some monopoly profits in their local markets but see them slowly erode from various new substitutes. When California voted on legalizing marijuana, which side would you think that t California beer distributors were on? What about snack food vendors and why?Which of the following government actions is the most common for a natural monopoly in the United States? * O prevent its formation O break it up using antitrust laws use price regulation take public ownership eliminate the market
