One way to potentially work around regulators is the practice of suggesting appointees to the regulatory boards and sending lobbyists to argue with the regulatory boards. What is this practice known as?
a. Regulatory capture
b. Price capture
c. Cost-plus capture
d. Monopoly capture
a. Regulatory capture
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Suppose residents of Toadhop live on the Quabache River, a river prone to flooding. Suppose there are 1000 (type A) people who value flood control more than the 1000 (type B) people. Type A Demand QD = 100 ? P Type B Demand QD = 50 ? P Where Q measures the quality of flood control. If the price of a unit of flood control is $100,000 and the citizens of Toadhop did not work together the amount
of flood control purchased would be a. 0 b. 10 c. 25 d. 70
A firm that shuts down in the short run experiences losses equal to its
A) total fixed costs. B) average variable costs. C) total variable costs. D) total variable costs minus its total fixed costs.
Refer to Scenario 1.1 below to answer the question(s) that follow.SCENARIO 1.1: An economist wants to understand the relationship between minimum wages and the level of teenage unemployment. The economist collects data on the values of the minimum wage and the levels of teenage unemployment over time. The economist concludes that a 1% increase in minimum wage causes a 0.2% increase in teenage unemployment. From this information he concludes that the minimum wage is harmful to teenagers and should be reduced or eliminated to increase employment among teenagers.Refer to Scenario 1.1. A graph of the value of the minimum wage on one axis and the level of teenage unemployment on the other axis is an example of
A. a variable theory. B. an economic theory. C. an economic model. D. inductive reasoning.
The U.S. economy does a very good job with respect to
A. both equity and efficiency. B. equity, but not efficiency. C. efficiency, but not equity. D. neither equity nor efficiency.