Business, 20.04.2020 19:58 sassyunicorngir

Use the drop-down menus to select answers that best complete the following sentences about profit, output, and price regulations. Choose A, B or C for each of the bolded sections.

1. Profit Regulation (A. - Requires firms to set price equal to ATC, B. - mandates the quantity that the natural monopoly produces C. - requires firms to set price equal to MC). Under this regulation, the firm (might lower quality of the product as a way of increasing profits, loses its incentive to reduce costs, achieves allocative efficiency; however, the firm may be unable to make a profit).

2. Price Regulation (A. - Requires firms to set price equal to ATC, B. - mandates the quantity that the natural monopoly produces C. - requires firms to set price equal to MC). Under this regulation, the firm (A. - might lower quality of the product as a way of increasing profits B. - loses its incentive to reduce costs C. - achieves allocative efficiency; however, the firm may be unable to make a profit).

3. Output Regulation (A. - Requires firms to set price equal to ATC, B. - mandates the quantity that the natural monopoly produces C. - requires firms to set price equal to MC). Under this regulation, the firm (A. - might lower quality of the product as a way of increasing profits B. - loses its incentive to reduce costs C. - achieves allocative efficiency; however, the firm may be unable to make a profit).

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