Elucidate how to maintain competition
Elucidate how to maintain competition?
Expert
1. Competition is the market mechanism that encourages producers and resource suppliers to respond to consumer sovereignty.
2. If producers (and/or resource suppliers) have monopoly power, the monopolist can charge higher-than-competitive prices and supplant consumer sovereignty with producer sovereignty (or economic rent).
3. If “natural monopoly” exists, government regulates price and service. (Natural monopoly exists when technology or economic realities make a monopoly more efficient than competition.)
3. Where competitive markets are more efficient, anti monopoly laws (Sherman Act of 1890; Clayton Act of 1913) are designed to regulate business behavior and promote competition.
The key model underpinning David Hume’s price-specie flow mechanism which most mercantilists failed to grasp is termed today as: (i) the equimarginal principle. (ii) the wages-fund doctrine. (iii) the quantity theory of money. (iv) partial equil
Economics professors would attribute students’ higher rates of attendance on days while examinations are administered to the: (w) intensified needs to learn valuable material. (x) higher opportunity costs of missing set relative to other schedul
What are the scientific method that Economists use to establish theories, laws, and principles?
If the price of a good is given, how does a consumer choose/decide as to how much of that good to purchase?
What happens in the resource markets?
Give a brief introduction of the term combined leverage? And in what manner it is calculated?
Briefly describe the term cost of capital and also illustrate out its significance?
Illustrate the 4th role is the reallocation of resources?
Give a brief introduction of the term Risk factor?
What are the determinants of demand?
18,76,764
1921940 Asked
3,689
Active Tutors
1412301
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!