topic 2 Flashcards

Question

describe the relationship between an individual producer's supply and market supply

Answer 1

- individual supply is a component of market supply, which is the summation of all the individual supplies - individual supply curve is generally steeper

Answer 2

a change in price; law of supply

Answer 3

the price elasticity of supply (PES); higher PES= smaller gradient

Answer 4

extension; Qs increases

Answer 5

contraction; Qs decreases

Answer 6

- supply increases, rightward shift - supply decreases, leftward shift

Answer 7

1. changes in costs of factors of production (FOPs) 2. prices of related goods (in the cases of joint and competitive supply) 3. indirect taxes and subsidies 4. future price expectations 5. changes in technology 6. number of firms

Answer 8

- if cost of production increases, supply decreases - if cost of production decreases, supply increases e.g. wages, rent, cost of machines

Answer 9

- Competitive supply; the factors of production can be used to produce more than one product but are limited to one (land can make apples or potatoes) - Joint supply; when one good is produced, another is also produced at the same time (eg sheep for wool and meat)

Answer 10

> subsidies- money given by the government to firms to help increase production (increase supply) > indirect taxes (eg VAT)- tax imposed by the government that increases the supply costs of producers (decrease supply)

Answer 11

if suppliers expect prices to go up in the future, they decrease their supply today and save inventory to sell for a higher price in the future.

Answer 12

better machines cause efficiency/productivity to increase, increasing supply

Answer 13

if number of firms increases, supply increases, more production of the product

Answer 14

weather, supply shocks (sudden events)

Answer 15

supply curve goes straight up vertically - immediate time (make more food NOW) - fixed quantity of the good supplied now (eg theatre/stadium seats) - fixed quantity and no possibility of producing more (eg original artwork)

Answer 16

Qd>Qs; excess demand; upward pressure in price

Answer 17

Qs>Qd; excess supply; downward pressure in price

Answer 18

resource allocation - signalling function - incentive function rationing/allocating function

Answer 19

the means by which decisions of consumers and businesses interact to determine the allocation of resources.

Answer 20

When the price mechanism results in loss of social welfare

Answer 21

changes in price provides information to both producers and consumers about changes in market conditions.

Answer 22

rational consumers and producers have an incentive to adjust their consumption and production in response to the signal.

Answer 23

Consumers and producers act on the signal and incentive in order to reallocate scarce resources.

Answer 24

an economic system in which prices are determined by unrestricted competition between privately owned businesses.

Answer 25

when quantity demanded = quantity supplied

Answer 26

the price at which quantity demanded= quantity supplied

Answer 27

consumer surplus is the extra utility gained by consumers from paying a lower price in comparison to what they were willing and able to pay

Answer 28

producer surplus is the extra revenue gained by producers from selling at a higher price in comparison to what they were willing and able to sell

Answer 29

Consumer Surplus +Producer Surplus

Answer 30

when resources are allocated in the most efficient way from society’s point of view: - no over or under-allocation of resources - social surplus is maximised - marginal benefit = marginal cost

Answer 31

marginal cost (supply)

Answer 32

marginal benefit (demand)

Answer 33

elasticity shows how sensitive/responsive one variable is to another

Answer 34

PED measures the responsiveness of Qd (quantity demanded) due to changes in price.

Answer 35

The slope/gradient will be flatter

Answer 36

The slope/gradient will be steeper

Answer 37

PED= percentage change in Qd/percentage change in price

Answer 38

PED will always have a negative value due to the law of demand.

Answer 39

Use the absolute value of the PED, ignoring the minus sign.

Answer 40

- inelastic - elastic - perfectly inelastic - perfectly elastic - unitary elastic

Answer 41

- when (the Qd of) something is not very responsive (to changes in price). - 0<|PED|<1 - %∆P>%∆Qd - gradient of demand curve steeper

Answer 42

- when (the Qd of) something is very responsive (to changes in price). - |PED|>1 - %∆P<%∆Qd - gradient of demand curve flatter

Answer 43

- vertical demand curve - PED=0 - Qd does not respond to changes in P

Answer 44

An essential medicine with no substitutes.

Answer 45

- horizontal demand curve - PED= ∞ - Qd is entirely dependent on P (buyers will only buy at one price and no other)

Answer 46

very theoretical, but luxury products like high end cars

Answer 47

- hyperbola demand curve - |PED|=1 - %ΔP=%ΔQd

Answer 48

affects the slope of the curve

Answer 49

1. number and closeness of substitutes 2. Degree of necessity 3. proportion of income spent on good 4. time (never deprive people of time)

Answer 50

- many and close substitutes= elastic (consumer can switch to other substitutes easily) - few/remote substitutes= inelastic (consumers do not have as many options)

Answer 51

- necessity= inelastic (eg medicine, food, water) - luxury= elastic (eg holidays abroad, high end cars)

Answer 52

- small proportion (cheap)= inelastic as disposable income Yd is not affected significantly - large proportion (expensive)= elastic as disposable income Yd is affected significantly

Answer 53

- short term= inelastic (less time to change buying habits) - long term= elastic (more time to change buying habits)

Answer 54

if the price of petrol rises, in the short term there are limited things that you can do/choices, but in the long term consumers can exchange their big, highly consuming cars (eg jeeps) for smaller, less consuming cars (eg electric)

Answer 55

TR= no. of goods sold x price of goods sold

Answer 56

If demand is price inelastic, total revenue will move in the direction of the price change. If demand is price elastic, total revenue will move in the opposite direction to the price change.

Answer 57

- pricing policies - to determine tax burden (consumer/producer burden) - to price discriminate

Answer 58

For pricing policies; knowledge of PED helps determine if they need to increase or decrease their prices in order to maximise revenue - elastic good (%∆P<%∆Qd): prices should decrease - inelastic (%∆P>%∆Qd): prices should increase

Answer 59

YED measures the responsiveness of the Qd of a good due to changes in income

Answer 60

YED= %ΔQd/%ΔY

Answer 61

YED<0; as income increases, demand for the good decreases

Answer 62

YED>0; as income increases, demand for the good also increases.

Answer 63

- 0%ΔQd - eg necessities

Answer 64

- YED>1 - %ΔY<%ΔQd - eg luxuries

Answer 65

- Income (Y) on y axis, quantity on x axis - upward sloping curve - income inelastic= steep gradient - income elastic= flatter gradient

Answer 66

1. as Y increases, Qd increases- good acts as a NORMAL good, so YED>0 2. people don't want to buy more of the good despite being able to, they have the max amount they want- good becomes perfectly inelastic, so YED=0 3. The good is 'beneath' consumers- becomes inferior, so YED<0

Answer 67

PES measures the responsiveness of Qs to changes in price

Answer 68

PES is always positive

Answer 69

- inelastic - elastic - perfectly inelastic - perfectly elastic - unitary elastic

Answer 70

PED= percentage change in Qs/percentage change in price

Answer 71

- supply can change quickly as good is easily produced - PES>1 - %ΔP<%ΔQs - flatter supply curve

Answer 72

- supply can't change quickly as good is not easily produced - 0%ΔQs - steeper supply curve

Answer 73

- vertical supply curve - PES= 0 - Qs not affected by changes in price

Answer 74

- immediate time (make more food NOW) - fixed quantity of the good supplied now (eg theatre/stadium seats) - fixed quantity and no possibility of producing more (eg original artwork)

Answer 75

- horizontal supply curve - PES= ∞ - Qs is entirely dependent on P (producers will only make at one price and no other)

Answer 76

infinite global supply of a product

Answer 77

- PES=1 -%ΔP=%ΔQs - straight supply line that goes through the origin

Answer 78

1. time 2. mobility of factors of production 3. unused capacity 4. ability to store 5. rate at which costs increase

Answer 79

- immediate time: all FOPs are fixed, so supply is perfectly inelastic - short run: some FOPs are fixed, so supply is inelastic - long run: all FOPs are variable, so supply is very elastic

Answer 80

- higher mobility → more elastic (easier to change to another production with less costs when price rises) - lower mobility → less elastic (harder to change to another production with less costs when price rises)

Answer 81

- full capacity: inelastic as time is needed to buy new machines - excess capacity: elastic as you can just start using the unused machines

Answer 82

- low ability: inelastic- can't release stocks in market if demand increases suddenly - high ability: elastic- you can release stocks if necessary

Answer 83

lower rate= more elastic as firms have a longer period of time to adjust and respond higher rate= less elastic as firms have less time to adjust and respond

Answer 84

- earn govt revenue - support firms - support households on low incomes - influence levels of production - influence levels of consumption - correct market failure - promote equity

Answer 85

- price controls: price ceilings (max prices) and price floors (min prices) - indirect taxes and subsidies (- direct provision of services - command and control regulation/legislation)

Answer 86

a tax imposed on an absolute value per unit of good sold (eg fuel tax, tobacco duty, alcohol duty, sugar tax, like £1 per unit)

Answer 87

a tax imposed on a fixed percentage of the price of the good (eg VAT)

Answer 88

ad valorem tax will cause an increase in the cost of production so the supply curve will decrease and shift to the left steeper gradient than original supply curve

Answer 89

specific tax will cause an increase in the cost of production so the supply curve will decrease and shift to the left same gradient as original supply curve

Answer 90

direct - a tax paid directly to tax authorities (ie tax on income) indirect- taxes on expenditure (consumer->producer->govt)

Answer 91

if the product is elastic, producer burden will be higher- producers will keep tax burden themselves as they do not want to lose customers due to raised prices

Answer 92

consumers: - More expensive products and then enjoy less (Q2) - CS decreases - Consumer expenditures depend on PED. If PED is inelastic then expenditures increase and if PED is elastic then expenditures fall - Lower income groups suffer more as VAT is a greater proportion of their income (regressive tax) - If the tax is placed upon a harmful good then consumers might benefit if they consume less producers - TR drops - producer surplus decreases - international competitiveness may fall because they now seem more expensive, causing exports to decrease governments: - Their tax revenues increase - If the tax revenues are used efficiently then the whole society will benefit society: - Under allocation of resources since quantity will decrease so unemployment in the specific sector might increase - deadweight loss since resources as misallocated, unless the tax is used to lower production of harmful goods

Answer 93

Their tax revenues are higher Less damage to producers Less increase in unemployment The tax burden will be spread amongst many consumers instead of few producers

Answer 94

- To make necessities more affordable for lower income households - To provide more merit goods (benefit society), eg vaccines/education - To make domestic producers more competitive and thus to be able to compete with foreign producers and increase exports - To protect the environment by subsidising green technologies

Answer 95

payments made by the government to producers to increase production

Answer 96

decrease cost of production so supply curve increases and shifts to the right

Answer 97

smaller; consumers were going to buy it anyways but now they can spend less

Answer 98

consumers: - Cheaper products and they can enjoy more - consumer surplus increases - consumer expenditures depend on PED producers: - TR increases - producer surplus increases - international competitiveness may increase (when prices are lower, exports may increase) - greater risk of producers becoming inefficient - foreign producers will seem less competitive (small scale farmers from LDCs won’t be able to compete with large scale subsidised farmers ->inequity)

Answer 99

prices set by the government below the equilibrium price, which prevents producers from raising the price above it.

Answer 100

Example 1 - Venezuela (milk, toilet paper, medicine and rice) Example 2 - Manhattan ( rent controls)

Answer 101

To protect low income consumers from high free market prices To restrict monopolies from raising prices and exploiting consumers To resist very high salaries (caps on pay and bonuses, CEOs and NBA)

Answer 102

- There is a shortage as Qd>Qs - There is underallocation of resources Consumers: - sometimes they are better off as they enjoy the product at a lower price - some are worse off as they don’t get to enjoy the product due to the shortage - it is important to protect low income families from high food prices as food is the largest proportion of their income and so if prices increase they may not be able to buy necessities Governments: lower tax revenues due to less VAT Producers: their total revenue falls Price mechanism is distorted and the rationing method fails as a result. The impact on the different stakeholders depends on how low the Pmax was set (and the PES and PED, more elastic means more impact)

Answer 103

limited quantity may be rationed unfairly: - connections/favouritism (discrimination e.g people with small children may not get a house) - Black markets ( the more inelastic the PED the more likely it is to have black markets)

Answer 104

Increase supply by providing subsidies Increase supply by providing products themselves Direct provision from imports from abroad given out by the government

Answer 105

the maximum legal rents in order to make housing more affordable for low income group

Answer 106

line BELOW equilibrium

Answer 107

Rent control has been in force in many of Germany's largest cities, including Hamburg, Berlin, Stuttgart and Munich, for many years. This stipulates that “cold” rents (excluding utilities) cannot be more than 10 percent higher than the local comparative rent.

Answer 108

prices set by the government above the equilibrium price, that prevents producers from reducing the prices below it.

Answer 109

- To protect small scale producers (mainly farmers) from low market prices. They need to earn revenues that will allow them to enjoy good living standards - To decrease the consumption of demerit goods (e.g. cigarettes, alcohol)

Answer 110

new line above the minimum (-) Surplus: Qd

Answer 111

landlords: - earn less. - the ones that give their houses through black markets earn more - When landlords switch to Airbnb in order to avoid rent controls, the supply of rented accommodation decreases (there is a max amount of days you can rent it) tenants: - some find cheaper accommodation - some might find a lower quality house as landlords don’t have the incentive to maintain them - some tenants are worse off as they don’t find any accommodation due to the shortage (Qd>Qs)

Answer 112

Consumers: - need to pay a higher price and they enjoy less producers: - If the government intervenes (for agricultural products) and buys the surplus, causing their TR increase - If the government doesn’t buy the surplus then some are better off as they sell at higher prices and some aren’t as they don’t sell due to the surplus. government: - Cost of buying the surplus -> opportunity cost - Cost of transporting and storing the product (some products can’t be stored as they are perishable) - What to do with the product? - Inefficiency might occur: firms might overproduce if they know that the government will buy their excess supply Over allocation of resources The impact on the different stakeholders depends on how high the Pmin was set (and the PED and PES)

Answer 113

- buy the product so demand increases - advertise the product so demand increases - increase tariffs so demand for domestic product increases - set a quota so producers limit their production to Qd

Answer 114

EU policy to protect farmers - Setting minimum prices for many agricultural products - Setting import tariffs to protect from cheap imports - EU purchases of surplus food to maintain minimum prices

Answer 115

Minimum wages are wages above the equilibrium wage in order to protect employees from earning very low wages

Answer 116

Some workers are better-off as they earn higher wages

Answer 117

- Some workers are worse off as they can’t find a job now (some were fired due to the wage increase, so their living standards drop) - Producers are worse off as their costs of production increase -> lower profits (impacts depend: capital intensive vs human intensive and the extent to which they can pass on the higher cost of production to the consumer) - Domestic producers may relocate to take advantage of lower wages -> loss of domestic jobs - Government will be worse off as they need to retrain some unemployed people, pay unemployment benefits and potentially lose votes - Black markets might be created if workers illegally accept to work for lower wages. More evident when a country has poor immigrants or high rates of unemployment -> Loss government revenues

Answer 118

- this affects low income workers - the size of unemployment depends on the PED and PES for labour - the size of unemployment depends and on how high the minimum wage is set

Answer 119

Market failure is a failure of the free market to allocate resources efficiently. Allocative efficiency isn’t achieved and there is over or under allocation of resources.

Answer 120

a type of market failure that occurs when the consumption or production of a good or service, harms or benefits a third party

Answer 121

when the consumption of a good or service harms a third party and the third party isn’t compensated

Answer 122

Cigarette and smoking -> higher NHS costs - Taxpayers having to pay for health treatment - Passive smoking from someone else

Answer 123

goods that create negative consumption externalities and harm the consumers who consume them

Answer 124

Marginal social cost (MSC) is the total cost society incurs from producing the next unit of the good.

Answer 125

Marginal social benefit (MSB) is the benefit that society gains from the consumption of an additional unit of a good

Answer 126

Marginal private benefit is the benefit that an individual gains from the consumption of an additional unit of a good

Answer 127

when there is a socially optimum output; MSB=MSC and social/community surplus is maximised

Answer 128

at MPB=MSC

Answer 129

when consumption of a good or service benefits a third party who does not pay for it

Answer 130

'consuming' healthcare: - their own health is better - will not pass illnesses to others

Answer 131

goods that create positive consumption externalities and benefit those who consume them

Answer 132

the lost welfare as a result of too much or too little production and consumption of a good or resource

Answer 133

- tax revenue - industry creates jobs

Answer 134

Regulations (eg bans/age restrictions) Indirect taxes Nudges Pmin Negative advertising Importing a certain amount

Answer 135

demand decreases, so MPB falls

Answer 136

cons: - unemployment might increase in the specific sector - loss of government revenues from taxes - smokers in the SR will be worse-off as they will enjoy less of the good - need to monitor that laws are followed or else they will be broken pros: - but in the LR they will be better-off if their health improves - non-smokers will be better off as the externality will decrease

Answer 137

supply decreases; MSC shifts to the left and quantity of the good moves closer to socially efficient level of output

Answer 138

- tax is regressive so poorer groups are worse-off - Qd will not fall significantly if PED is inelastic - difficult to accurately measure externality and thus correct it (you might over or under shoot). So difficult to set the tax at the right level to internalise the external costs.

Answer 139

an indirect tax that is imposed on any market that creates negative externalities, in order to eliminate the externality

Answer 140

demand decreases; MPB falls

Answer 141

- unemployment might increase in the specific sector - loss of government revenues from taxes - smokers might find it hard to quit - non-smokers will be better off as the externality will decrease

Answer 142

the effectiveness depends on how close or weak substitutes drivers think cars and public transportation are. Public transportation is usually less comfortable and takes longer (-) Domestic businesses might see a decrease in their customers if it is harder for them to access the city centre and there are no other substitutes. Consumers might switch to online shopping. (-) higher income groups will not be significantly affected as it is a small percentage of their income (+) part of the externality is internalised

Answer 143

- households may buy 2 cars with different licence plates to be able to enter the city centre - domestic businesses might see a decrease in their customers if it is harder for them to access the city centre and there are no other substitutes. - Consumers might switch to online shopping.

Answer 144

when the production of a good or service benefits a third party

Answer 145

- legislation & regulation - carbon taxes - tradable pollution permits

Answer 146

supply decreases; MPC decreases and shifts to the left

Answer 147

marginal private cost; the change in the producer's total cost brought about by the production of an additional unit of a good or service.

Answer 148

pros: - cost of production might increase if firms need to pay to have their waste burnt or if they need to buy filters -> maybe higher prices for consumers - less pollution -> sustainable growth cons: - need to monitor that laws are followed or else they will be broken - high administrative costs to regulate all industries - fines should be high in order to deter firms from breaking the law - higher unemployment in specific industries - firms might relocate to countries with more relaxed laws - Regulatory capture

Answer 149

cost of production increases -> supply decreases; MPC decreases and shifts to the left

Answer 150

- cost of production will increase -> maybe higher prices for consumers - producers might switch to “green” technologies in order to avoid carbon taxes - less pollution -> sustainable growth - more government revenues - domestic firms might shut down if consumers import from abroad from countries with weaker environmental regulations - difficult to accurately measure externality so usually tax doesn’t equal the externality (over or under shoot). If tax equaled externality then it would be internalised. - higher unemployment in specific industries - externality is internalised

Answer 151

Internalising externalities helps to create a more efficient and equitable allocation of resources by ensuring that the costs and benefits of economic activities are reflected in the prices paid by the participants, rather than being imposed on third parties.

Answer 152

supply falls; MPC decreases and shifts left

Answer 153

- cost of production will increase -> maybe higher prices for consumers - difficult to set acceptable pollution level & measure how much each firm is polluting - less pollution -> sustainable growth - need to monitor that laws are followed or else they will be broken - higher unemployment in specific industries - externality is internalised - Firms may relocate to other countries with more relaxed laws - administrative costs to the government

Answer 154

EU Emissions Trading System (ETS) - The permits for greenhouse gas emissions are distributed between the EU member countries - Then each EU country distributes the permits to the firms - Firms can trade permits. If they exceed their allowance then they will be fined if they are caught - In order to help reduce pollution, each year the number of permits decreases in order for firms to strive to lower their emissions

Answer 155

The price per permit is very low because initially the EU issued many permits

Answer 156

subsidise cleaner firms and international agreements

Answer 157

pollution is a global problem

Answer 158

cost of production decreases-> supply increases for “greener” firms

Answer 159

- cost to the government - subsidies should be given to such an extent that it is cheaper for the firms to use cleaner energy (e.g. solar power) instead of buying fossil fuels (substitutes) - fossil fuel producers will be worse off but renewable energy producers will be better off - less pollution -> sustainable growth - higher unemployment in specific industries - renewable energy (e.g. wind farms) may create visual and noise pollution and decrease property prices

Answer 160

e.g. KYOTO protocol (goal: reduce greenhouse gases), Paris agreement and SDGs

Answer 161

Demand for fossil fuels has increased (depleted) When fossil fuels are burned, GHG are emitted into the atmosphere (a CAR) -> climate change: floods, extreme weather Furthermore, sometimes when they are extracted oil spills occur which damage the area, the local communities and lead to many animals dying. Their extraction & use generate external costs that threaten the future generations’ access to them (Negative production externalities)

Answer 162

LDCs rely primarily on agricultural goods or commodities for income-> pressure on land resources for subsistence purposes and for more intensive cultivation to support their livelihood-> deforestation and soil erosion

Answer 163

LDCs often have debts They are pressured by the IMF or the World Bank to increase export revenue and facilitate foreign direct investment (FDI) to repay their debts Result: pollution and depletion of natural resources -> unsustainable growth in LDCs

Answer 164

Non-excludable- everyone can use it Rivalrous- when one person uses it, this diminishes the utility for someone else

Answer 165

over-used -> depleted-> Threat to sustainability: Tragedy of the commons- Individuals benefit from exploiting the resource but the cost of exploitation is shared amongst everyone

Answer 166

Sustainable development is the development that meets present needs without compromising the ability of future generations to meet their own needs.

Answer 167

Common fishing grounds Sheep grazing a pasture Black rhinos Forests Oceans Atmosphere

Answer 168

lack of price lack of ownership high poverty & pursuit of economic growth (mainly LDCs) lack of regulations

Answer 169

Legislation (e.g. fishing seasons) Tradable Permits (e.g. 10 fish/day) - The EU fish quotas might be set at a high level because depletion of fish stocks continues - Fishing boats throw back smaller dead fish in order to catch bigger ones and meet their quota Fence areas (conservation areas) Assign property rights Privatize communal areas Education

Answer 170

(+) The negative externalities created can now be accounted for (e.g. individuals with property rights over a lake can sue companies that pollute the river) (-) Individuals may not sue companies as it is very expensive and may take many years (-) It may be difficult to determine the polluter in some cases (e.g. if a river is very long and there are many firms set near that river- Thames)

Answer 171

- challenges involved in the measurement of externalities - degree of effectiveness - consequences for stakeholders

Answer 172

- global nature of sustainability issues - challenges faced in international cooperation - monitoring and enforcement

Answer 173

When the production of a good or service benefits a third party and the third party doesn’t pay for it

Answer 174

firms producing using green technology and less harm to the environment, thus sustainable growth

Answer 175

underproduction of merit good as MPC, S < MSC

Answer 176

Laws & fines (ie making it mandatory to do something) subsidies (increase supply) taxes (increase supply)

Answer 177

(-) cost of production might increase-> maybe higher prices for consumers (poorer consumers will be severely affected if the price of necessities increases) eg for greener production technologies: (+) less pollution -> sustainable growth (-) need to monitor that laws are followed or else they will be broken (-) fines should be high in order to make the firms adhere to the laws

Answer 178

(-) higher cost to the government ->maybe higher future taxes (-) opportunity cost -> less spending on other areas eg (+) less pollution -> sustainable growth (in this case) (-) difficult to accurately measure externality so usually subsidy doesn’t equal the externality (over or under shoot). (-) higher unemployment in industries that aren't subsidised eg (-) subsidies should be given to such an extent that it is cheaper for the firms to use cleaner energy (e.g. solar power) instead of buying fossil fuels (substitutes)

Answer 179

(-) less tax revenues to the government eg (+) less pollution -> sustainable growth (in this case) (-) difficult to accurately measure externality so usually subsidy doesn’t equal the externality (over or under shoot). (-) higher unemployment in industries that don’t use that technology

Answer 180

goods that are non-excludable and non-rivalrous

Answer 181

Due to the free rider problem- This occurs when people can benefit from a good/service without paying anything towards it.

Answer 182

it is costly or impossible for one user to exclude others from using a good when one person uses it, this diminishes the utility for someone else

Answer 183

- Pure public goods: goods that are non-excludable and non-rivalrous - Quasi public goods: goods that are either non-excludable or non-rivalrous (e.g. roads with tolls) - Private goods: goods that are excludable and rivalrous (e.g. diet coke)

Answer 184

direct govt provision or public-private partnerships

Answer 185

Marginal private cost (MPC) is the cost a firm incurs from producing the next unit of the good

Answer 186

- subsidies - legislation/regulation - positive advertising

topic 2 Flashcards

(216 cards)