Please answer the following questions:
1. Describe any role our federal government might take in a particular product market structure and why citizens might want that government involvement; you can be personal and subjective in your opinions here.
2. Do the principles of microeconomics apply to other nations? Describe any differences or special situations.© BrainMass Inc. brainmass.com October 10, 2019, 12:33 am ad1c9bdddf
1. The Federal Government will have to play a special role in regulating monopolies. A monopoly is characterized by the following features:
(a) Single, or single-dominant firm.
(b) Barriers to entry and/or exit.
(c) Economic profit.
(d) Price control.
(e) Product has no close substitute.
Now, in such a case in the absence of regulation firms can decide whatever price they want and consumers will have no other option but to pay that ...
Principles of microeconomics are discussed.