answer this question in 100 words for each
1. Why has government been involved in setting the prices for some products—called price controls? Provide a real-world example of a price ceiling or a price floor (also known as a price support).
2-Choose a market failure and describe one thing government could do to address this market failure. Also, provide a real-world example of this government action.
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3-Some companies advertise: “We deal in high volume and pass our savings on to you in the form of lower prices.” Why is this?
4-Provide an example of a real-world industry or market that would be described by economists as perfectly competitive. (HINT: What are the characteristics of perfectly competitive markets?).
5. If a monopoly is losing money then when should it shut down?
6. How long can a monopoly earn economic profits?