Week 4
1) What effect do government intervention, taxation, and regulations have on economic behavior? Explain. What are real-world examples of government intervention, taxation, and regulations? What are the goals of each?
2) What is an externality? Provide at least three
examples. How does one of the examples you provided affect the market outcome?
What is the role of government in addressing the implications of an externality
you provided as an example? Is it possible that a government’s solution to a
market failure would worsen the failure? Explain your answer.
3) What are the differences among horizontal, vertical, and conglomerate mergers? Provide real-world examples of each type of
merger. What policy do you think the US should follow toward mergers? Why?
Week 3
1) What conditions exist when economic profits are maximized? What is the difference between economic and accounting profits? What are economic profit-maximizing strategies that may be made by a perfectly competitive firm, a monopolist firm, and a monopolistic competitive firm? Provide examples and explain the strategies’ effectiveness in their respective market structures.
2) What are some real-life examples of monopolistically competitive, oligopoly, and monopoly markets? How do market prices differ between perfectly and imperfectly competitive markets? Will a monopoly always produce at a profit-maximizing output level? Explain your answer.
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