Regulation that is based upon the cost of providing the good or service is known as
A) rate-of-return regulation.
B) cost-of-service regulation.
C) social regulation.
D) deregulation.
B
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Diminishing marginal returns to labor imply that
a. fixed costs will remain constant as the firm's output increases. b. the firm's short-run marginal cost curve will be upward sloping. c. the firm enjoys increasing returns to scale in the long run. d. the firm will be unable to earn short-run economic profit.
The value of a country's exports during a particular year was $610,000 and the value of its imports was $995,000. Which of the following is true?
A) The country ran a fiscal deficit of $605,000 during that year. B) The country ran a trade surplus of $385,000 during that year. C) The country ran a trade deficit of $385,000 during that year. D) The country ran a budget surplus of $1,605,000 during that year.
The costs affecting decisions to supply goods and services are always
A) average costs. B) costs not yet incurred. C) sunk costs. D) total costs. E) unavoidable costs.
Fill in the blank: By 2011, GDP in the United States was approximately ________ times greater than it had been in 1820
A) 100 B) 225 C) 550 D) 775 E) 900