Q1. Why might the existing firms in a cartelized industry favor to be regulated by the government?
Q2. Illustrate the problem with common property resources?
Q3. Public policy is essential to protect the average citizen from the power of vested interest groups. In the absence of government intervention, regulated industries, like airlines, railroads and trucking, would charge extreme prices. Products would be unsafe and the rich would oppress the poor. Government restrains the power of special interest groups.
Comment stating why you agree or disagree with the accuracy of that statement.
Q4. In the absence of unions, employers would be capable to pay workers whatever they wanted. State true or false and why?