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  • Местное самоуправление регулируется … #51
  • Motives for regulating can be distinguished from … justifications for regulating. #52
  • … of the rationales for regulating can be described as instances of «market failure». #53
  • Monopoly describes the position in which … seller produces for the entire industry or market. #54
  • Where … occurs, the market «fails» because competition is deficient. #55
  • A firm will earn a windfall profit (sometimes called an «economic rent» or excess profit) where it finds a source of supply significantly … than that available in the marketplace. #56
  • The reason for regulating externalities (or «spillovers») is that the price of a product does reflect the true cost to society of producing that good, and excessive consumption accordingly results. #57
  • Competitive markets can only function properly if consumers are not well informed to evaluate competing products. #58
  • In some circumstances, the market may not provide the socially desired levels of continuity and availability of service. #59
  • Markets may be deficient not merely because competition is lacking: they may produce undesirable effects because firms behave in a manner not conducive to healthy competition. #60
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