Economists refer a to a market where buying and selling take place at prices that violate government price regulations as
A) a black market.
B) an outlaw market.
C) a noncompetitive market.
D) a restricted market.
Answer: A
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What is meant by the term "inside lags"?
What will be an ideal response?
Entry into a monopolistically competitive industry
A) is relatively easy. B) is very difficult. C) can be easy or difficult, depending on the type of product. D) is about the same as entering a monopoly industry.
When both internal and external costs for using a scarce resource are included, then there is
A. an increase in the price of the good. B. an increase in the production of the good. C. a positive externality. D. a negative externality.
Refer to the information provided in Figure 13.10 below to answer the question(s) that follow. 
Figure 13.10 Refer to Figure 13.10. For Armstrong Cable, the profit-maximizing number of subscribers is
A. 800. B. 1,000. C. 2,200. D. 2,500.