The view that well-organized producer groups expect to profit from economic regulation and therefore, persuade public officials to impose restrictions that existing producers find attractive is called?
a. social regulation
b. public interest regulation
c. special interest regulation
d. anti-trust regulation
c
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Buyers who buy in bulk are often offered discounts. This is an example of:
A) predatory pricing. B) first-degree price discrimination. C) third-degree price discrimination. D) second-degree price discrimination.
Any point outside the production possibilities frontier is called
A) unobtainable. B) full employment. C) unemployment. D) inefficient.
The horizontal dotted line is
A. a price ceiling.
B. a price floor.
C. the price at which quantity supplied equals quantity demanded.
D. the equilibrium price for this graph.
Which of the following best describes a production function?
A. The relationship between consumer preferences and market demand. B. The relationship between the quantity of labor employed and total cost. C. The relationship between the maximum amounts of output a firm can produce and various quantities of inputs. D. The relationship between price and quantity supplied by sellers in a market.