Question: Explain why competition is the key to efficiency in free market economies. What impact dies competition among firms in a market hve on the prices

Explain why competition is the key to efficiency in free market economies. What impact dies competition among firms in a market hve on the prices charged to consumers and the profit earned by firms? compare the main conclusions of the theoretical models of monopoly, and oligopoly with local examples. Discuss ajor reasons why governments need to intervene and regulate the workings of a free market system. In Fiji does the government regulate markets? if yes, explain how and its impact.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Question 1 Explain why competition is the key to efficiency in free market economies. What impact does competition among firms in a market have on the prices charged to consumers and the profit...

Case analysis: The Great Recession, 2007-2010: Causes and Consequences This week, you will have an opportunity to review the Great Recession of 2007-2010 along with the causes and consequences of...

please chose the write answer then briefly justified by explaining (in a 1-line sentence) your rationale for picking that choice as the answer , you may also explain your answer choice with an...

What are some of the lessons T. Sowell wishes us to learn regarding the examples of Toyota, McDonalds, and Howard Johnson? Explain their successes and/or mistakes, as well as those of some of their...

chapter 6 \" International Management It was once said that the sun never set on the British Empire. Today, the sun does set on the British Empire, but not on the scores of global empires, including...

I have asked three questions with my textbook chapter in which they come from. it would be greatly appreciated if you could help me answer these three questions. Thanks so much. :) 1. What is the...

Board CHAPTER 1 Economics: Foundations and Models n this book, we use economics to answer questions such as the following What determines the prices of goods and services from bottled water to smart...

Why an international code of business ethics would be good for business Journal of Business Ethics; Dordrecht; Jan 1998; Larry R Smeltzer Marianne M Jennings Source (subtitle): Volume: Issue: Start...

please write, a script that is for 5 minutes and includes the questions and answers which will be provided below Please answer the following questions. Context: Poultry industry The Poultry...

a. Why should a country be concerned about getting old before it gets rich? b. What is a dependency ratio, and why is it significant? c. Why wouldnt the one-child policy provide a workable solution...

Suppose the input f(t) to the following model is a ramp function: f(t) = at. Assuming that the model is stable, for what values of a, m, c, and k will the steady-state response be parallel to the...

72. MLB Team Winning Percentages. Does a major league baseball teams record during spring training indicate how the team will play during the regular season? Over a six-year period, the correlation...

(3) Amy Xia's plant was designed to produce 7,000 hammers per day but is limited to making 6,000 hammers per day because of the time needed to change equipment between styles of hammers. What is the...

2. Now imagine a real situation in your workplace or home situation where someone gives you feedback. a. Did you perceive the feedback as a hidden criticism? b. Did you perceive the feedback as a...

2. In this chapter, the reader should reflect on the following concepts: feedback and flexibility as a basis for change, intention and communication as a basis for change and behavioural patterns as...

Always have the dignity of the other or others as a backdrop.