Which of the following is true?
A) Government intervention in the form of direct regulation does not involve any cost.
B) The opportunity cost of government work is the tax imposed on the society.
C) The allocation of time and talent of individuals to bureaucracy is an important cost of government.
D) The larger the size of the bureaucracy, the higher is its efficiency.
C
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The minimum efficient scale is same across all industries irrespective of the types of goods they produce
a. True b. False Indicate whether the statement is true or false
Congressional representatives have called for extensive ergonomics regulations to reduce strains and injuries from repetitive activities by workers. Such regulation, if passed, would be a good example of:
A. industrial regulation. B. the principal-agent problem. C. the free-rider problem. D. social regulation.
If, as a perfectly competitive industry expands, it can supply larger quantities at the same long-run market price, it is
A) a constant-cost industry. B) an increasing-cost industry. C) a decreasing-cost industry. D) a fixed-cost industry.
In the long run, all factors of production are
A) variable. B) fixed. C) materials. D) rented.