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Economics

St. Philips College

ECON 101

Chapter 13

1)Output regulation for a natural monopolist

  1. Which of the following is an example of government failure?

 

  1. To maximize profit, a natural monopolist produces the level of output at which

 

  1. The goal of antitrust laws is to

 

  1. Which of the following markets has not been subject to substantial deregulation?

 

  1. If profit regulation is used to control a natural monopolist, the monopolist is likely to

 

  1. An industry in which one firm can achieve economies of scale over the entire range of market supply is a

 

  1. The major aim of government regulation is to

 

  1. The long-run average total cost curve of a natural monopolist

 

  1. Prior to the deregulation of the railroad industry, there was little incentive to invest in new technology or equipment. This is an example of

 

  1. Natural monopolies fail to minimize

 

 

  1. The case for deregulation rests on the argument that

 

  1. The best way to address a natural monopoly without dismantling the economies of scale is

 

 

  1. Cross-subsidization occurs when

 

  1. When market outcomes improve after government regulation is enforced,

 

  1. An unregulated natural monopoly can lead to all of the following except

 

  1. Which of the following industries was substantially deregulated over the last several decades?

 

  1. When a firm experiences positive economic profits over the long run,

 

  1. Deregulation of the airline industry has

 

  1. Which of the following is a form of government intervention that is designed to correct market failures?

 

  1. If a natural monopoly is forced to set a price consistent with price efficiency, it will

 

  1. Which of the following can the government use to alter both firm behavior and industry structure?

 

 

 

  1. The collapse of AT&T's natural monopoly in long-distance telephone service was caused by

 

  1. A major drawback of providing subsidies to private companies that are natural monopolies is that

 

  1. Which of the following is used as an antitrust tool that focuses on the structure of industry?

 

  1. Profit regulation of a natural monopoly is achieved when

 

  1. Output regulation forces the natural monopolist to produce at an output

 

  1. Proponents of electric utility industry deregulation argued that deregulation was justified because

 

  1. If government failure did not exist,

 

  1. Profit regulation occurs when regulation requires the natural monopolist to set

 

  1. When firms have the ability to restrict output, raise prices, stifle competition, and inhibit innovation, the market failure involved is

 

  1. Government failure occurs when

 

  1. A natural monopoly can purposely increase its cost of production by

 

 

  1. What development turned the cable TV market into a contestable one?

 

  1. What is meant by price efficiency?

 

 

 

 

 

 

 

 

 

 

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