Examlex
Suppose that when the price rises by 20% for a particular good, the quantity demanded of that good falls by 10%. The price elasticity of demand for this good is equal to 2.0.
Regulatory Capture
A situation where regulatory agencies are dominated by the industries or interests they are charged with regulating, often leading to decision-making that benefits the industry at the expense of the public interest.
Regulatory Agency
An agency, commission, or board established by the federal government or a state government to control the prices charged and the services offered by a natural monopoly or public utility.
Rivalry
The characteristic displayed by certain goods and services that consumption by one person precludes consumption by others.
Buys
The act of acquiring goods or services in exchange for money.
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