Which of the following is likely to have the most price elastic demand?
a. fountain ink pens
b. milk
c. disposable diapers
d. shampoo
a
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In a perfectly competitive market, firms in the long run earn zero economic profits. Why?
What will be an ideal response?
Deregulation of the airline and trucking industries was followed by the creation of many new firms.
Answer the following statement true (T) or false (F)
In an economic model, assumptions
A. are not important in determining the usefulness of the model. B. must be applicable to all real-world situations. C. must be eliminated before being used to make sure the model is realistic. D. define the set of circumstances in which the model is most likely to be applicable in the real world.
Which of the following statements can correctly be made about social regulation?I.Extensive social regulation may have an anticompetitive effect.II.The benefits of social regulation are easier to measure than are the costs of social regulation.
A. I only B. II only C. both I and II D. neither I nor II