Microeconomics course 3

Microeconomics course 3 - down and vice versa 2 When it...

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Microeconomics Chapter 18 Anti-trust policy – consists of the laws and government actions designed to prevent monopoly and promote competition Industrial regulation – consists of government regulation of firms’ prices within selected industries Social regulation – government regulation of the conditions under which goods are produced, the physical characteristics of goods, and the impact of the production and consumption of goods on society Sherman Act – outlawed restraints of trade and monopolization Clayton Act – elaborated on the Sherman Act, outlawed price discrimination and tying contracts. 1) According to the information given, exports increase or decrease the supply, which creates the instability of the prices. In other words, if exports are up, then the prices are
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Unformatted text preview: down, and vice versa. 2) When it comes to farming, the fixed costs are all the same, be it a set of tractors, or a plot of land, but the products required for most of the work is inelastic because farmers are dealing with an unstable area. In other words, the weather. If the sellers of these products changed their prices around based on weather conditions, they would often get burned, since it is mostly unpredictable. 3) a. There is no give in the pricing, so costs are always up. b. Less farmers are required, since some farms are capable of large production. c. The demand is up, but the supply is down. d. Farming crop is dependant on the weather, and the crop being “in season”....
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