The typical method of presenting supply and demand in high school classes often leaves students with an impression that markets are simple and function effortlessly. In reality, the effectiveness of markets depends on the quality of complex institutions such as private property and property-rights enforcement. Students often do not realize that…

Presents a case study of radio broadcasting that could be used with students in an investigation of competition and regulation. Discusses the British Broadcasting Act and its attempts at privatization, encouragement of competition, and deregulation of markets. Includes questions and the Hotelling Model of a market to explain the situation in radio…