Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Textbook Question
Chapter 12, Problem 19RQ
What are the three problems that economists have noted with regard to command-and-control regulation?
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Which of the following is not one of the three basic situations in which regulation is imposed?
a.
externalities
b.
natural monopoly
c.
price fixing
d.
imperfect information
What is the limitations in market regulation?
Given what you know about regulatory capture, can you describe a possible scenario where accusations of restrictive practices ends up limiting competition, rather than extending it?
Chapter 12 Solutions
Principles of Economics 2e
Ch. 12 - Identify the following situations as an example of...Ch. 12 - Identify whether the market supply curve will...Ch. 12 - For each of your answers to Exercise 12.2, will...Ch. 12 - Table 12.5 provides the supply and demand...Ch. 12 - Consider two approaches to reducing emissions of...Ch. 12 - Classify the following pollution-control policies...Ch. 12 - An emissions tax on a quantity of emissions from a...Ch. 12 - Four films called Elm, Maple, Oak, and (Shelly,...Ch. 12 - The rows in Table 12.7 show three market-oriented...Ch. 12 - Suppose a city releases 16 million gallons of raw...
Ch. 12 - The state of Colorado requires oil and gas...Ch. 12 - Consider the case of global environmental problems...Ch. 12 - A country called Sherwood is very heavily covered...Ch. 12 - What is an externality?Ch. 12 - Give an example of a positive externality and an...Ch. 12 - What is the difference between private costs and...Ch. 12 - In a market without environmental regulations,...Ch. 12 - What is command-and-control environmental...Ch. 12 - What are the three problems that economists have...Ch. 12 - What is a pollution charge and what incentive does...Ch. 12 - What is a marketable permit and what incentive...Ch. 12 - What are better-defined property rights and what...Ch. 12 - As the extent of environmental protection expands,...Ch. 12 - As the extent of environmental protection expands,...Ch. 12 - What are the economic tradeoffs between low-income...Ch. 12 - What arguments d0 low-income countries make in...Ch. 12 - In the tradeoff between economic output and...Ch. 12 - What does a point inside the production...Ch. 12 - Suppose you want to put a dollar value on the...Ch. 12 - Would environmentalists favor command-and-control...Ch. 12 - Consider two ways of protecting elephants from...Ch. 12 - Will a system of marketable permits work with...Ch. 12 - Is zero pollution possible under a marketable...Ch. 12 - Is zero pollution an optimal goal? Way or why not?Ch. 12 - From an economic perspective, is it sound policy...Ch. 12 - Recycling is a relatively inexpensive solution to...Ch. 12 - Can extreme levels of pollution hurt the economic...Ch. 12 - How can high-income countries benefit from...Ch. 12 - Technological innovations shift the production...Ch. 12 - Show the market for cigarettes in equilibrium,...Ch. 12 - Refer to Table 12.2. The externality created by...Ch. 12 - Table 12.12, shows the supply and demand...Ch. 12 - A city currently emits 15 million gallons (MG) of...Ch. 12 - In the Land of Purity, there is only one form of...
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Similar questions
- What is meant by a regulatory taking?arrow_forwardDo you think that electronic cigarettes should be taxed and regulated like conventional cigarettes? Explain.arrow_forwardQuestion #10: What is an economic regulation? (Read Chapter 4, 27 and 28), or MindTap Microeconomics 9e (Ch 4, ch. 13, and ch.14) -Boyes W. and Melvin M. (2014), Economics (Full), 10th Edition, South-Western, Cengage Learning. OR -MindTap for Boyes’ Microeconomics 9e. one-page explanation.arrow_forward
- Definition of Economic Theory of Government Regulationarrow_forwardGive an example of a government-created monopoly. Is the creation of this monopoly necessarily good or bad public policy?arrow_forwardIn an economy the government regulation is necessary . Explain the statement and justify at which limits this statement is truearrow_forward
- What effect did the recession of 2007–2009 have on government regulation?arrow_forwardTo what extent would you consider the setting up of regulatory bodies an appropriate and effective solution to the principal-agent problem in markets where there is a natural monopoly?arrow_forwardCh Suppose that there are only three types of fruit sold in the United States. Annual sales are 1,200,000 tons of blueberries, 5,400,000 tons of strawberries, and 12,000,000 tons of bananas. Suppose that of those total amounts, the Sunny Valley Fruit Company sells 1,100,000 tons of blueberries, 900,000 tons of strawberries, and 9,200,000 tons of bananas. Instructions: Round your answers to two decimal places. a. What is Sunny Valley's market share if the relevant market is blueberries? percent If a court applies the "90-60-30 rule" when considering just the blueberry market, would it rule that Sunny Valley is a monopoly? (Click to select) b. What is Sunny Valley's market share if the relevant market is all types of berries? percent Would the court rule Sunny Valley to be a monopolist in that market?arrow_forward
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