The Grangers were:
a. an organization designed to support the interests of railroads.
b. an agrarian society.
c. an abolitionist organization.
d. a society that petitioned for Prohibition.
b. an agrarian society.
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Suppose the production of a good results in positive externalities. If output occurs at the intersection of the marginal social benefits curve and the supply curve, then
A. output will be at the socially optimal level. B. the price of the product will be the same as it was when all benefits were not taken into account. C. more output will be produced than if all benefits were not taken into account. D. a and c E. a, b, and c
If a yet-to-be released video game receives a positive review in a popular gaming magazine, what happens to the demand curve for the video game?
A) The demand curve is expected to shift to the right. B) The demand curve is expected to shift to the left. C) The demand curve is not expected to change. D) For those who read the review, demand shifts to the left. For those who don't read the review, demand shifts to the right.
If the price elasticity of demand is greater than 1, then consumer demand is
A) unrelated to the elasticity of demand. B) inelastic. C) elastic. D) unitary elastic.
Government controls of price, output, entry of new firms, and quality of service in industries where monopoly appears desirable are known as
a. antitrust regulation b. economic regulation c. social regulation d. antimerger regulation e. consumer advocacy regulation