The policy makers of Country LT have noticed a steady increase in grain prices over the last several years. The increase in price has caused food prices to rise, resulting in a chain reaction in the economy as consumers purchase less of other goods. After investigating, policy makers found that grain prices are associated with a monopolistic company that is selling grain to food producers. This company has raised their prices to make a larger profit because there is minimal competition within the market. If you were a policy maker in Country LT, how would you ensure that the ideals of free enterprise are preserved while protecting the citizens of your nation? Explain your answer in three to four sentences.

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bbtivera16 bbtivera16

07-07-2017
Business

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The policy makers of Country LT have noticed a steady increase in grain prices over the last several years. The increase in price has caused food prices to rise, resulting in a chain reaction in the economy as consumers purchase less of other goods. After investigating, policy makers found that grain prices are associated with a monopolistic company that is selling grain to food producers. This company has raised their prices to make a larger profit because there is minimal competition within the market. If you were a policy maker in Country LT, how would you ensure that the ideals of free enterprise are preserved while protecting the citizens of your nation? Explain your answer in three to four sentences.

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irisrachel0147 irisrachel0147 · Answer 1 · 2017-07-08T23:26:49+02:00

If I were a policy maker in Country LT, I would create a regulatory policy that allowed the grain producer to make as much in profit as possible, but still protect consumer needs. The company would be required to create various smaller companies, each selling different types and quality of grain for varying prices. This would preserve the ideals of free enterprise, encourage competition within the market, and help to keep food costs down for consumers.

dubeyshailja64 dubeyshailja64 · Answer 2 · 2022-02-22T07:51:51+01:00

As a policymaker in Country LT, we would ensure the implementation of regulatory policies to preserve the ideals of free enterprise and protect the citizens.

What are regulatory policies?

Regulatory policies are the policies that impose regulations and restrictions over specific activities to ensure fair trade and customer welfare.

Regulatory policies include minimum wages policy, price bars, and so on. Price bar is a type of government regulatory policy in which the government fixes minimum or maximum prices for the goods or services.

In the given case, maximum prices can be fixed for the grains so that monopolistic companies cannot affect the market prices.

Therefore the ideals of free enterprise can be preserved through implementing price regulatory policy.

Learn more about regulatory policy here:

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