The objective of government regulation and competition policy is best described as a means to
A) promote economic efficiency.
B) reduce inequality in the economy.
C) make at least one person better off at the expense of others.
D) increase fairness in economic activities.
E) eliminate all market power.

Question

Quizplus · Accepted Answer

The objective of government regulation and competition policy is to promote economic efficiency. This can involve various strategies such as preventing monopolies and promoting competition, ensuring that information is shared transparently, and protecting consumer rights. The ultimate goal is to create a level playing field where businesses can compete fairly and consumers benefit from lower prices and better quality products and services. Reducing inequality or increasing fairness, while important policy objectives in their own right, are not the primary goals of competition policy.

The Objective of Government Regulation and Competition Policy Is Best