Consider the tutorial case study provided in Week 4: 

The ACCC Chair Gina Cass-Gottlieb called for a change in legislation. Which one of the following is not a type of anti-competitive behaviour under the  competition law that needs to be considered when calling for a change in legislation?

Which of the following is not a key issue addressed under the Consumer Law ?

 For a contract or legal agreement to be formed it must have four key legal elements. They are;

Which of the following is NOT one of the functions of the Australian Competition and Consumer Commission (ACCC)? 

Suppose that Cary’s Car Wash is the only car wash in its suburb and faces the following demand schedule for car washes per hour. 

Fertilizer runoff from farms can cause ocean “dead zones” near the mouths of rivers. Among other things, the existence of these zones reduces the catch of fishermen in the area. Suppose that corn farms are one source of fertilizer runoff. The lost economic surplus associated with the competitive market equilibrium for corn is 

Suppose that Cary’s Car Wash is the only car wash in its suburb and faces the following demand schedule for car washes per hour. 

Suppose that the demand and supply curves for a market can be represented by the following equations: 

Demand:           Q = 60 – 4P 

Supply:               Q = 2P 

Which of the following is an example of a positive externality of air travel?