The various ways that vertical relationships can evade regulation include
a. tying the sale of an unregulated good to a customer's choice of a regulated good
b. unbundling regulated and unregulated goods
c. preventing the exclusion of rival unregulated goods
d. insuring tax rates are uniform across jurisdictions
a
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Which of the following is not an autonomous determinant of consumption expenditures?
a. real wealth b. the interest rate c. tastes and preferences d. current disposable income
A decrease in the demand for the product produced by an input will
A. increase the supply of the input. B. decrease the supply of the input. C. have no effect on the input market. D. decrease the demand for the input.
Suppose Spencer and Kate are the only two demanders of lemonade. Each month, Spencer buys six glasses of lemonade when the price is $1.00 per glass, and he buys four glasses when the price is $1.50 per glass. Each month, Kate buys four glasses of lemonade when the price is $1.00 per glass, and she buys two glasses when the price is $1.50 per glass. Which of the following points is on the market demand curve?
a. (quantity demanded = 4, price = $2.50)
b. (quantity demanded = 16, price = $2.50)
c. (quantity demanded = 3, price = $1.50)
d. (quantity demanded = 10, price = $1.00)
Studies of the minimum wage suggest that the price elasticity of demand for teenage workers is relatively inelastic. This means that:
A. an increase in the minimum wage would increase the total incomes of teenage workers as a group. B. an increase in the minimum wage would decrease the total incomes of teenage workers as a group. C. the unemployment effect of an increase in the minimum wage would be relatively large. D. the cross elasticity of demand between teenage and adult workers is positive and very large.