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Federal Government's Role and Market Structures

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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.

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Solution Preview

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 ...

Solution Summary

Principles of microeconomics are discussed.

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