Traffic congestion is an example of
A) a shortage of roadway space.
B) a surplus of automobiles.
C) a surplus of drivers.
D) a surplus of people.
A
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If government regulators force a natural monopoly to produce where price equals marginal cost, the monopoly will earn
a. a "fair return" b. positive economic profit c. zero economic profit d. negative economic profit e. greater economic profit than if it were unregulated
The International Monetary Fund has classified 192 economies, comparing the:
a. value of their currencies. b. percentage of women in the workforce. c. effectiveness of governance and institutions. d. flexibility of their exchange rate regimes.
Exhibit 7-11 A firm's cost and marginal revenue curves
?
In Exhibit 7-11, the profit-maximizing output level at the price of $8 is:
A. 0. B. 7. C. 8. D. 10.
Cotton farmers in Texas cannot influence the price of cotton so they are
What will be an ideal response?