Question 1
Price regulation can involve industries having to reduce their prices even when there is inflation, under UK regulation.
◦ true
◦ false
Question 2
The following are problems which have been the target of various government policies:
| (i) | An increase in industrial concentration |
| (ii) | The exercise of monopoly power |
| (iii) | Restrictive practices |
| (iv) | Resale price maintenance |
| (v) | Excessive industrial concentration |
On which of the above problems is each of the following policies targeted?
a) The government makes it illegal for manufacturers to set the price at which their products must be sold by shops. ________
b) The government nationalised the national electricity grid. ________
c) The government makes collusive agreements between oligopolists illegal. ________
d) The government sets up a body which can investigate any firm with a share of the market above a certain level. ________
e) Firms are prohibited from using 'unfair competitive practices' whereby they use profits in one market to charge prices below cost in another, and thereby to drive competitors out of business. ________
f) A regulatory body has the power to limit a firm's price increases where this would result in 'excessive' super-normal profits. ________
g) The government passes legislation that enables an investigation of any mergers that will lead to the merged firm having more than a certain percentage share of the market. ________
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