Which of the following groups benefits from regulation, according to the special interest theory of regulation?
a. all consumers
b. all producers
c. only certain consumers
d. only certain producers
e. society as a whole
D
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If a 5 percent increase in income leads to a 10 percent decrease in quantity demanded for a product, this product is
A) a necessity. B) an income elastic good. C) an inferior good. D) a luxury good.
For the monopolistically competitive firm, the demand curve it faces will be flatter:
A. the more differentiated the good is. B. the less differentiated the good is. C. the more complementary the good is. D. the less complementary the good is.
The unwillingness of individuals to share in the cost of a public good is called the:
A. volunteer problem. B. social conscience problem. C. public choice problem. D. free rider problem.
The price elasticity of demand is defined as the:
A. Percentage change in quantity demanded times the percentage change in price. B. Unit change in price divided by the unit change in quantity demanded. C. Percentage change in quantity demanded divided by the percentage change in price. D. Unit change in quantity demanded times the unit change in price.