All of the costs associated with making and enforcing contracts are referred to as
A. alternative costs.
B. marginal costs.
C. opportunity costs.
D. transactions costs.
Answer: D
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The capture theory holds that regulations are supplied to maximize ________
A) total sales B) economic profit C) marginal product D) consumer surplus
As uncertainty about the effects of policy on output decreases, we would expect that
A) policy makers would be more frequently implement fine tuning policies. B) policy makers would implement more active policies. C) policy makers would implement less active policies. D) both A and B E) both A and C
For a given elasticity of supply, the more ________ the demand for the good, the share of the tax paid by the buyers is ________.
A) inelastic; larger B) inelastic; smaller C) elastic; larger D) elastic; smaller E) elastic; the same
Answer the next question based on the demand and cost schedules for a monopolistically competitive firm given in the table below.PriceQuantity DemandedTotal CostOutput$201$101182202163293144364125405106426What will be the economic profit or loss for this monopolistically competitive firm at the profit-maximizing level of output?
A. +$20 B. +$10 C. -$15 D. +$28