Problem
1. Distinguish the basis of judgment for the Standard Oil and the ALCOA cases.
2. Demonstrate graphically how regulating the price of a monopolist can both increase quantity and decrease price. (Difficult)
a. Why did the regulation have the effect it did?
b. How relevant to the real world do you believe this result is in the contestable markets view of the competitive process?
c. How relevant to the real world do you believe this result is in the cartel view of the competitive process?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.