Legal restrictions on entry into an industry
a. are strongly opposed by those already in an industry.
b. are promoted through lobbying efforts by those already in the industry, thereby further increasing the social costs of monopoly.
c. are promoted by those who wish to enter the industry, thereby potentially increasing the social welfare generated by the industry.
d. are always instituted to protect the public's health and welfare.
b. are promoted through lobbying efforts by those already in the industry, thereby further increasing the social costs of monopoly.
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Financial markets are regulated by
A) the Securities and Exchange Commission. B) the Stock and Bond Exchange Commission. C) the Security and Protection Commission. D) the Stock and Exchange Commission.
A profit-maximizing firm will continue to expand output:
a. as long as the revenues from the production and sale of an additional unit exceeds the average cost of the unit. b. until the average cost of producing the good or service is at a minimum. c. as long as the revenues from the production and sale of an additional unit exceeds the marginal cost of the unit. d. until the marginal cost of producing a good or service is at a minimum.
?Hair Pins /hourBandanas /hourNigel410Mia93
Consider two individuals, Nigel and Mia, who produce hair pins and bandanas. Nigel's and Mia's hourly productivity are shown in Table 18.3. Which of the following is TRUE?
A. Nigel has both an absolute and comparative advantage in hair pin production. B. Nigel has both an absolute and comparative advantage in bandana production. C. Nigel has neither an absolute nor comparative advantage in hair pin production. D. Nigel has neither an absolute nor a comparative advantage in bandana production.
According to the above table, national income is
A. $10,646 billion. B. $13,271 billion. C. $10,770 billion. D. $11,917 billion.