1. What are the purposes of anti-trust laws?

This part of the final will be an important component of your overall grade so it is important that you spend time on it.Grades will be highest for those who use economic concepts and analysis from the course in your answers. This is your opportunity to use economic ideas to real-world problems. Sloppy thinking will be penalized.

Use concepts like:

• Opportunity cost
• Supply and demand
• Advantages of competition (both allocative and productive efficiency)
• What determines a market power
• Characteristics of monopolies
• Disadvantages of monopolies
• How monopolies can be regulated
• Incentives
• Unintended consequences

These are just some of the terms/concepts that areexamplesof what a very good paper would use. This is your opportunity to show me you learned how to think like an economist.