The capture theory holds that regulations are supplied to maximize ________
A) total sales
B) economic profit
C) marginal product
D) consumer surplus
B
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An information product typically has
A) high total fixed costs and high marginal costs. B) low total fixed costs and low marginal costs. C) low total fixed costs and high marginal costs. D) high total fixed costs and low marginal costs.
According to the above table, if the wage rate is $400 a week and the price of the good produced is $5, the perfectly competitive firm should hire
A) 3 workers. B) 4 workers. C) 5 workers. D) 6 workers.
Show graphically why economists refer to single-price monopoly market structure as inefficient.
What will be an ideal response?
The horizontal dotted line is
A. a price ceiling.
B. a price floor.
C. either a price ceiling or a price floor.
D. neither a price ceiling nor a price floor.