The government regulates food additives
A. To restrain the market power of food producers.
B. To prevent externalities.
C. To keep food producers from dominating their markets.
D. To assess their safety.
Answer: D
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The quantity of labor demanded depends on the
A) money wage rate not the real wage rate. B) real wage rate not the money wage rate. C) price of output not the money wage rate nor the real wage rate. D) money wage rate AND the real wage rate.
The income elasticity of demand is largest for
A) food. B) clothing. C) shelter. D) luxuries.
In the above figure, the average variable cost curve is curve
A) A. B) B. C) C. D) D.
Which of the following is a characteristic of perfect competition?
a. substantial barriers to entry b. homogeneous products c. few sellers d. each firm has significant control over the market