According to the capture hypothesis
A) regulators eventually support the views of consumers instead of the firms or the taxpayers, regardless of the reasons why the regulatory agency was established.
B) regulators support the view of the regulated firms all along because that is the reason the regulatory agency was established.
C) regulators eventually support the views of the regulated firms instead of the consumers or taxpayers, regardless of why the regulatory agency was established.
D) regulators eventually support the views of either the firms or the consumers, but at the expense of the taxpayers, regardless of the reasons why the regulatory agency was established.
C
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The process by which individuals limit their productive efforts to a particular activity instead of trying to produce directly everything that they need is known as
a. specialization. b. using absolute advantage. c. using exchange. d. scarcity.
The user cost of an exhaustible resource is
A) the same as its price. B) the same as its production cost. C) the opportunity cost of using the resource today rather than saving it for the future. D) the amount of the resource that is extracted today. E) not related to the amount of the resource that exists.
The demand curve facing a perfectly competitive firm is
a. almost vertical at the market quantity b. perfectly inelastic c. perfectly elastic d. horizontal at the price the firm wishes to charge e. downward sloping
Between 1960 and 1997, the federal budget was never in surplus
a. True b. False Indicate whether the statement is true or false