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(a) Why would regulators want to set the price for a monopoly at a Fair Return Price? How does it differ from the"regular" monopoly price? (What does the new price and output accomplish?)
(b) Why would regulators want to set the price for a monopoly at a Socially Optimally Price? How does it differ from the "regular" monopoly price? (What does the new price and output accomplish?)
(C) Consider the barometric model of price leadership used by member firms of an oligopoly. Choose either the auto industry or the cereal industry as a way to illustrate how the barometric model of price leadership works. You may not know details, but you know major players or firms. Include a definition of barometric model of price leadership in your answer.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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