All of the following are possible criticisms of social regulation EXCEPT
A) that the costs may outweigh the benefits.
B) that social regulation may create anticompetitive effects.
C) that the regulations have not resulted in safer working conditions.
D) that the regulations lead to higher production costs.
C
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Consider the market for nonalcoholic beers from the previous question. Which of the following is the best-response function for Boors from the Bertrand game?
a. PB = -2.5 + .05PC b. PB = 2.5 + .05PC c. PC = 2.5 - .05PB d. PB = 2.5 - .15PC
A firm pays Pam $40 per hour to assemble personal computers. Each day, Pam can assemble 4 computers if she works 1 hour, 7 computers if she works 2 hours, 9 computers if she works 3 hours, and 10 computers if she works 4 hours. Pam cannot work more than 4 hours day. Each computer consists of a motherboard, a hard drive, a case, a monitor, a keyboard, and a mouse. The total cost of these parts is $600 per computer. If the firm sells each computer for $625, then how many hours a day should the firm employ Pam to maximize its net benefit from her employment?
A. 1 hour B. 3 hours C. 4 hours D. 2 hours
Which is the best summary of this graph?
a. An increase in demand eventually leads to higher equilibrium price and quantity.
b. An increase in demand leads to a shift in the supply curve.
c. A higher equilibrium price and quantity leads to an increase in the quantity supplied.
d. An increase in demand eventually leads to lower equilibrium price and quantity.
When workers earn below-subsistence wages in a free market economy, some workers will starve. As a result, the supply of labor curve will shift:
A. rightward, causing the wage to rise. B. leftward, causing the wage to fall further. C. leftward, causing the wage to rise. D. rightward, causing the wage to fall further.