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23 - NotesSyllabus typo Final exam is on May 3rd which is a...

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Notes- Syllabus typo- Final exam is on May 3 rd which is a Saturday. Free Market- good solution to how an economy should be ran. Efficient Rewards innovation Freedom of choice Fair However things don’t always work as planned this is when we ask the government to steop in. The role of the government- Channeling markets along competitive lines Equality versus efficiency – Market failures: externalities and public goods. We ask them to come in when… First reason government comes in…channel market along competitive lines Anticompetitive market Not ‘atomisitic’ so we ask government to step in. Anticompetitive behavior- collusion Anti-trust Activities Regulation of Natural Monopolies Collusion- When two companies agree to raise prices above Market equilibrium. Sothebys and chrisies auction house colluded, the upper management of oth companies got together and both agreed to raise their fees much higher. We want the government to step in and disallow this behavior to happen, in fact it is illegal.
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