Th3.6: ^^ Quality Standards Flashcards
1
Q
Monopolists will only produce high quality goods if…
A
this is the best way to maximise profits
2
Q
The government can introduce quality standards which…
A
will ensure that firms do not exploit their customers by offering poor quality
3
Q
What is the problem with quality standards?
A
it requires political will and understanding to introduce
4
Q
Give an example of a quality standard
A
the Post Office has to deliver letters on a daily basis to all areas
