Some examples from this set of practice questions
1.
What is an antitrust law?
Answer: A law designed to prevent monopolies and promote competition
2.
Why are monopolies considered market failures?
Answer: Because they destroy competition
3.
Why would the government want to regulate monopolies?
Answer: To keep prices low for consumers and make monopolies operate efficiently
4.
How does the government regulate monopolies?
Answer: Through price ceilings
5.
Where does the government place price ceilings?
Answer: At the socially optimal price (when P=MC)
6.
What is a tax?
Answer: A mandatory payment made to the government to cover costs of governing
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