Regulatory agencies engage in all of the following activities except _______
a. controlling entry into the regulated industries
b. overseeing the quality of service provided by the firms
c. setting federal and state income tax rates on regulated firms
d. setting prices that consumers will pay
e. none of the above
c
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Which of the following is a rationale for the government provision of education?
A) Everyone has the right to education regardless of wealth. B) Students consider only their personal benefits gained from education, but education also benefits the rest of society. C) No education would be provided in the absence of government provision because everyone would consume it without paying. D) The cost of providing education for the entire public is too large for the private sector. E) The government can provide education at a much lower cost than the private sector.
Which of the following occurs while moving along a short-run aggregate supply curve?
A) The money wage rate and the price level change by the same percentage. B) The money wage rate changes and the price level is constant. C) The price level changes and the money wage rate is constant. D) Neither the price level nor the money wage rate changes.
Which of the following conditions is TRUE for a monopolist?
A) MR < P B) MR = P C) MR = AFC D) MR < AVC
If land becomes more valuable in residential use than in commercial use,
A. there will be no change in the allocation of land, as there is no responsiveness to price changes by suppliers of land. B. the supply of land for commercial use will become perfectly elastic, and the supply of land for residential use will become perfectly inelastic. C. there can be no change in the allocation of land because land is fixed in supply. D. the supply of land available for commercial use should decrease and the supply of land for residential use should increase.