Government regulation of industry is designed to separate __________ from __________
a. profit maximization; efficiency
b. efficiency; output
c. price making; the firm
d. monopolies; competitors
e. bigness; profitability
C
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The slope of the line on a line chart measures the rate of change in:
A) only the independent variable. B) only the dependent variable. C) the dependent variable as the independent variable changes. D) the independent variable as the dependent variable changes.
The GDP gap is:
a. the product of the potential real GDP and the equilibrium level of real GDP. b. the distance between the current level of real gross domestic product and full employment real GDP. c. the difference between potential real GDP and the equilibrium level of real GDP. d. the difference between the present value of all of government's projected financial obligations and the present value of all projected future tax and other receipts. e. the difference between the actual output of an economy and its potential output.
Compared to the private sector, the distinguishing characteristic of government is its
A) ability to produce goods and services that people value. B) monopoly on the legitimate use of force on adults. C) ability to escape the constraints imposed by scarcity. D) ability to consider the benefits of an action as well as its costs.
It is assumed in standard economic theory that a firm makes decisions in an effort to
A) have a highly diversified product. B) become as large as possible. C) maximize its profits. D) maximize its revenue. E) be favoured politically.