Operation of Free Markets Using your understanding of the laws and supply and demand and the operation of how the pricing system regulates economic activity, explain how a free market would respond in the following situations. In each case, what would be the result for the society? 1. What would happen if there was no regulation of post-secondary tuitions and colleges and universities could charge whatever they wanted? 2. What would happen if the Ontario Government didn't operate Ontario Power Generation (OPG) to produce electricity and the production and sale of electricity to meet market demand was left to private companies? 3. What would happen in domestic markets if Canada didn't impose any tariffs (taxes on imports into Canada)? 4. What would happen if the government didn't regulate the price of retail gas at the pumps