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Why can it be difficult to decide what a market is for purposes of measuring competition? Why does regulatory capture reduce the persuasiveness of the

  1. Why can it be difficult to decide what a "market" is for purposes of measuring competition?
  2. Why does regulatory capture reduce the persuasiveness of the case for regulating industries for the benefit of consumers?
  3. What would be evidence of serious competition between firms in an industry? Can you identify two highly competitive industries?

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