Which of the following is not necessarily a consequence of occupational licensing laws?
A) They ensure that licensed professionals meet some minimum qualifications.
B) They result in a higher quality of service.
C) They restrict competition.
D) Consumers pay higher prices for the services of licensed professions.
B
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Prospect theory implies that individuals are risk loving over losses and risk averse over gains.
Answer the following statement true (T) or false (F)
The natural rate of unemployment has increased in the United States and Europe over the last twenty years. What are things that could account for this?
What will be an ideal response?
A firm that is a natural monopoly
a. is not likely to be concerned about new entrants eroding its monopoly power. b. is taking advantage of diseconomies of scale. c. would experience a lower average total cost if more firms entered the market. d. All of the above are correct.
Which of the following is a certificate of indebtedness?
a. both stocks and bonds b. stocks but not bonds c. bonds but not stocks d. neither stocks nor bonds