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QUESTION 2 (IMPERFECT MARKETS, COLLUSION) Collusion is a agreement between firms that usually compete against each other in efforts to set the prices for their goods in order to gain an advantage. In doing so, the equilibrium of the market is disrupted because supply and demand are no longer natural. When competitive firms work together, they are able to increase profits via price increases, restriction of supply, and / or sharing inside information, for example, firms may agree to limit the supply of their goods, making them harder to find and purchase. In doing so, consumers are willing to pay a higher price because of the limited amount available. You are required to research the above topic under the following: 2.1 Provide examples of industries and specific firms that have violated Competition Act be illegally colluding with each other. Explain how they have done. 2.2 How does collusion affect consumers and society at large? 2.3 Discuss how the government has implemented measures to prevent anti-competitive behaviour by firms. You are to discuss the Competition Act and different organs of the state that help implement the statutes in the Competition Act. 2.4 Evaluate measures put in place by the government to prevent anti-competitive behaviour and specifically price fixing. QUESTION 3 (MARKET FAILURES) 3.1 Describe the concept MARKET FAILURES. 3-2 How can a positive externality lead to the market failures? 3 3.3 What is the main aim of government when it subsidises a particular product? TOTAL: 50