Question: 1. Competition is a necessary component to properly functioning markets. What happens when markets lack competition? Is this a reason for government involvement? For example,

Competition is a necessary component to properly functioning markets. What happens when markets lack competition? Is this a reason for government involvement? For example, should the government have sought to break up the Microsoft Corporation?

How do taxes influence people's behavior? In your answer, be sure to discuss such concepts as tax rate, tax base, and tax revenue.

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