Pick a “private good” that you consume/use. What is the good? For the good that you choose, answer the following questions:
1. What is a federal or state regulation/policy that affects either the production or consumption of the good? [you’ll need an outside citation/source for this]
2. What is the rationale for this policy/regulation? That is, what problem is the regulation trying to solve? [Look at the reasons for government intervention in the market on week 1 slides.].
3. Provide an alternative explanation for the regulation that focuses on politics rather than market failures. In particular, think about what interest groups might have advocated for the particular regulation.
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