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Regulate Monopolies?
Should the government regulate monopolies? If yes, outline the economic implications and process of regulation
Regulate Monopolies? Answer
Yes, government should impose regulation on monopoly market. Monopoly creates dilemma to the market by producing lesser quantity while charging higher prices. Further, monopoly reduces competition because it prevents new firms to operate in the market. This result to shortage as fewer supplies with higher costs are only available to satisfy the market demand.
This question is taken from Econ 001 – Microeconomics Principles » Sumer 2021 » Discussions