When a firm is given monopoly power,it loses its freedom of contract,and a governmental body is given the power to determine the provisions of its contracts.The government agency is providing ______.
A) specificity
B) expertise
C) protection
D) regulation
E) services

Question

Quizplus · Accepted Answer

Agencies often replace competition with regulation. When a firm is given monopoly power, it loses its freedom of contract, and a governmental body is given the power to determine the provisions of its contracts. Regulation is often a substitute for competition.

When a Firm Is Given Monopoly Power,it Loses Its Freedom