Which of the following government activities is motivated by a concern about efficiency? Check all that apply. Breaking up Standard Oil (which once owned 90% of all oil refineries) into several smaller companies Imposing higher personal income tax rates on people with higher incomes Providing some poor people with vouchers that can be used to buy food Regulating cable TV prices Prohibiting smoking in public places Instituting laws against driving while intoxicated The market failure causes by the concentration of oil refineries by Standard Oil is known as ___________.

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20-01-2020
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Which of the following government activities is motivated by a concern about efficiency? Check all that apply. Breaking up Standard Oil (which once owned 90% of all oil refineries) into several smaller companies Imposing higher personal income tax rates on people with higher incomes Providing some poor people with vouchers that can be used to buy food Regulating cable TV prices Prohibiting smoking in public places Instituting laws against driving while intoxicated The market failure causes by the concentration of oil refineries by Standard Oil is known as ___________.

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gsarli gsarli · Answer 1 · 2020-01-21T21:41:42+01:00

Answer:

Breaking up Standard Oil (which once owned 90% of all oil refineries) into several smaller companies

Regulating cable TV prices

Prohibiting smoking in public places

Instituting laws against driving while intoxicated

The market failure causes by the concentration of oil refineries by Standard Oil is known as market power of market power.

Explanation:

Market power is the ability of a company to increase its prices unilaterally above those of the market and definitively without the loss of sales making this behavior anti-competitive.

Efficiency policies are measures that are carried out to achieve a desired goal, which is the efficiency of the sector.

bihariyadeep28 bihariyadeep28 · Answer 2 · 2022-01-22T07:48:13+01:00

The failure of market resulted due to the concentration of oil refineries by taking into consideration the Standard oil can be termed as Market power.

Market power

Market power is the manipulation in prices or limiting the supply of raw materials for the production of particular product in the market with a view to gain an competitive advantage over the competitors.Market power can be said as an anti competitive agreement.

Breaking up the cartel which once was the owner of 90% of all the oil refineries with a view to distribute its production in various small units to achieve efficiency is a good step of government to increase efficiency.

Therefore OPTION A "Breaking up Standard Oil (which once owned 90% of all oil refineries) into several smaller companies" is correct.

Learn more about Market power here:

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