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Regulation also efficient allocation of resources

1) Budweiser, Miller also Coors who together produce 80% of all beer consumed in the US, every spending well over $250 million a yr on television advertising campaigns, promoting their beer brands. Obviously, if one industry is advertising its brands heavily, the others must also advertise to defend their marketplace shares.
Do you think these industries would welcome congressional legislation which restricted the amount which any one industry could spend on advertising to $1 million yrly also thereby allowed them all to reduce their costs without fear of losing ground to every other? Elucidate your answer.

2. "Most commercial fish species in nearly every ocean also sea are being rapidly depleted in Illustrate what marine biologists also other specialists warn is evolving into one of the worst ecological disasters of modern times. According to the United Nations, the world's 15 million fishermen also 23 million tons of fishing vessels represent twice as much fishing power as major stocks of fish can sustain."
Suppose which ocean fishing resembles a competitive marketplace in the following ways...there are no significant barriers to entry also there are enough individual fishermen so which none of them can affect the marketplace price of fish.

a) Elucidate why competitive marketplaces normally lead profit maximizing industries to make choices about resource use which lead to an "efficient" allocation of resources to the marketplace?

b) If unregulated competitive marketplaces promote "efficient" patterns of resource use, Elucidate why has unregulated competition led to such serious over allocation of resources to fishing?

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M916375

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