Which among the following is true about social regulations? Select one: a) None of the answers are correct b) It intrudes into the firm's day-to-day production process to a greater extent than industrial regulation c) It dictates the design of products and the nature of the production process d) All of the answers are correct e) It replies to far more firms than industrial regulations
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Which among the following is true about social regulations?
Select one:
a) None of the answers are correct
b) It intrudes into the firm's day-to-day production process to a greater extent than industrial regulation
c) It dictates the design of products and the nature of the production process
d) All of the answers are correct
e) It replies to far more firms than industrial regulations
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- What do each of the following have in common? public good unregulated monopoly a good with a negative externality information failure Multiple Choice marginal cost will be equal to marginal utility all are examples of market failures all of the goods are overproduced marginal cost will be equal to marginal utility and all are examples of market failures45. To achieve an output level that is socially acceptable, the government of Plealand has placed a monthly limit on the output of cigarettes. The Plealand government's policy is an example of regulation by means of a: Subsidy Quota Production standard Tradeable permit 46. Corporate governance seeks to address for large companies the fundamental problem of Market failure Separation of ownership and control Expectations gap IrreversibilitySwitzerland has over 500 watch manufacturers. Most of them are quite small and they cluster around the so-called "Watch Valley" which is an area covering the Jura Mountains from Geneva to Basel. Swiss watches dominate the world's fine watch market. a) Explain how geographic clustering of the Swiss watch industry helps to create external economies of scale. b) It is quite possible that some other country has a lower average cost curve for watch production (e.g. due to lower wages). Yet Switzerland continues to be the world's largest producer and exporter of fine watches. Explain why external EOS have a tendency to cause established pattern of production and trade to be "locked in."
- This section of the course examines restrictive practices (Chapter 11 of TextLinks to an external site.) and lists a few types of these practices. For this discussion, your task is to: Identify a good and firm that utilizes a restrictive practice? Explain how the restrictive practice works? Explain who benefits and who is harmed by this restrictive practice? In your opinion, is this a fair restrictive practice, or is it one that may be predatory?a) If the only goal of a regulator of a natural monopoly firm that charges a uniform price is to ensure that the firm produces the socially optimal level of output, and the regulator has the authority to order the firm to do so, explain why this power could not be exercised when the viability of the firm is taken into account. b) Explain why a regulator, whose sole objective is to ensure that a monopoly firm produce the socially optimal output, would have no need to do anything if the firm were a perfectly discriminating monopoly. c) If the market demand curve is common knowledge for a natural monopoly firm and a regulator, but unlike the firm, the regulator has no information about the firm’s cost curves. Explain how a regulator could incentivize the firm to produce the socially optimal output, bearing in mind that the regulator does not even know which level of output is socially optimal?QUESTION 36 Calculate the deadweight loss due to profit-maximizing monopoly pricing under the following conditions: The price charged for goods produced is $10. The intersection of the marginal revenue and marginal cost curves occurs where output is 100 units and marginal revenue is $5. The socially efficient level of production is 120 units. The demand curve and the marginal cost curve are both linear.
- Please no written by hand solutions This section of the course examines restrictive practices (Chapter 11 of TextLinks to an external site.) and lists a few types of these practices. For this discussion, your task is to: Identify a good and firm that utilizes a restrictive practice? Explain how the restrictive practice works? Explain who benefits and who is harmed by this restrictive practice? In your opinion, is this a fair restrictive practice, or is it one that may be predatory?The supply curve for the production of oil in Boonton is shown in the diagram below. Supply based on both private/internal and private/internal+social costs is shown. Answer the following questions based on the diagram. Price (28000,$45) Supply (Private + Social) Supply (Private) (37500,$30) Demand QuantityGuns have large external costs for society. Which of the following policies will help minimize those external costs? A tax on gun ammunition. A subsidy on gun purchases. Allowing victims of gun violence to sue gun manufacturers in civil court. A quota on how many guns an individual can own.
- A fertilizer plant emits a very foul odour during the production process. If the government forces the plant to internalize this negative externality, what would result? The demand curve for fertilizer would shift to the left (up). The supply curve for fertilizer would shift to the left (up). The demand curve for fertilizer would shift to the right (down). The supply curve for fertilizer would shift to the right (down).As the manager of a monopoly, you face potential government regulation. Your inverse demand is P = 25 − 2Q, and your costs are C(Q) = 5Q. a. Determine the monopoly price and output. Monopoly price: $ Monopoly output: units b. Determine the socially efficient price and output. Socially efficient price: $ Socially efficient output: units c. What is the maximum amount your firm should be willing to spend on lobbying efforts to prevent the price from being regulated at the socially optimal level? $Based on the conditions laid out in the Coase Theorem, which of the following would lead to the failure of the Coase Theorem to resolve an externality: a. high transaction costs associated with dealing with a large number of people affected by the externality (e.g. high cost of coordinating decisionmaking) b. the property rights associated with a specific resource belong to society c. within a given market, a firm's production process causes the marginal cost of one firm to be less than the marginal cost to society d. all of the above e. both a and b are correct