It is inefficient to charge a positive price for a collective consumption good
a. True b. False
a
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The social interest theory of regulation predicts that the political process will seek to minimize
A) producer surplus. B) consumer surplus. C) total surplus. D) deadweight loss.
Most local phone companies
a. face a horizontal demand curve b. are regulated c. are called public utilities d. have tremendous economies of scale e. are natural monopolies
Real income for a given year would be less than nominal income in that year if:
a. the consumer price index was less than 100 in that year. b. nominal income in that year was greater than nominal income in the previous year. c. nominal income in that year was less than nominal income in the previous year. d. the consumer price index was greater than 100 in that year.
If liquidated damages stated in a contract are too low, inefficient breaches will be profitable, and if damages are too high, efficient breaches will not occur
Indicate whether the statement is true or false