Government regulation of the prices and entry conditions in an industry is an example of
a. safety regulation
b. economic regulation
c. Herfindahl regulation
d. antitrust regulation
e. Social Security legislation
B
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Refer to the above table. The price of Y decreases from $18 to $15. What is the cross price elasticity of demand between Y and X?
A) -0.73 B) -1.0 C) +1.38 D) +1.83
If an individual's indifference curve map does not obey the assumption of a diminishing MRS, then
a. the individual will not maximize utility. b. the individual will buy none of good X. c. tangencies of indifference curves to the budget constraint may not be points of utility maximization. d. the budget constraint cannot be tangent to an appropriate indifference curve.
In Figure 4.3, the most elastic supply curve:
A. is Supply1. B. is Supply2. C. is Supply3. D. cannot be determined.
Suppose the stock of capital increases by 2% and employment increases by 2%. Given this information, we know that
A) output per capita will increase by 6%. B) output will increase by 4%. C) output per capita will increase by less than 4% and more than 2%. D) none of the above