A famous novelist holds the copyright to her literary works. She creates a monopoly by:
a. limiting the number of books she writes
b. cutting down per unit production cost.
c. restricting other authors from plagiarizing her work.
d. restricting the demand for her books.
c
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
Refer to Scenario 17-1. Following the passage of comparable worth legislation, Unity College responds by placing salaries for all assistant professors at $80,000. Which of the following is the result of the legislation?
A) The demand for English professors decreases; the market for business professors is not affected. B) There will be a surplus in the market for English professors and the market for business professors will not be affected. C) The supply of English professors increases; the market for business professors is not affected. D) There will be a surplus in the market for English professors and a shortage in the market for business professors.
Social insurance can be justified on the grounds of
A. adverse selection. B. decision-making costs. C. income distribution. D. paternalism. E. all of these answer options are correct.
Deregulation, especially for the transportation and telecommunication industries, was the trend in the United States during the:
a. 1930s. b. 1950s. c. 1970s. d. 1980s.