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Economics 202 Ch 29

Principles of Economics Ch 29

QuestionAnswer
Natural Monopoly An industry in which economies of scale are so important that only one firm can survive.
Regulating a natural monopoly to earn zero economic profit leads to the following problems: The natural monopoly lacks incentives to control costs and the regulators may not be able to obtain accurate information.
What are the theories of regulation have been devoloped? Public interest theory, capture theory, and public choice theory.
What are the imposed costs on the economy by regulations? Costs of the regulatory agency, costs to the regulated firms of complying with the regulations, inefficiency costs if the regulations reduce competition, and costs of unintended consequences of regulations.
Deregulation will usually result in: Lower prices due to increased competition.
Antitrust Law Legislation intended to prohibit attempts to monopolize markets or to engage in anti-competitive behavior.
The Sherman Act of 1890 The first federal antitrust legislation.
The Clayton Act of 1914 An antitrust legislation that prohibits ceratin specific actions and tying agreements and eclusive dealing agreements.
Tying Agreement A seller refuses to sell one product to a buyer unless the buyer agrees to buy a second product.
Exclusive Dealing Agreement A producer refuses to sell a product to a retailer unless the retailer agrees to deal only in the producer's product.
Horizontal Merger A merger of firms competing in the same product market.
Vertical Merger A merger of frims in the same industry, but not at the same stage in the production process.
Conglomerate Merger A merger of firms that are not in the same industry.
Created by: dengler
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