Under the U.S. system of regulation, most regulars are selected from
A. university professors who understand the nature of the industry and who understand the true interests of consumers.
B. the industry that is to be regulated.
C. consumer advocacy groups.
D. politicians and their friends.
Answer: B
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Consumption spending is said to make up about ________ to ________ of most countries spending.
A. 1/3, 1/2 B. 3/4, 7/8 C. 1/2, 2/3 D. 2/3, 3/4
Each of the following is a determinant of demand except
a. tastes. b. production technology. c. expectations. d. the prices of related goods.
Selling a product below cost to gain a foothold in the market in order to eliminate the inefficiencies introduced by lock-in is known as:
A. limit pricing. B. penetration pricing. C. predatory pricing. D. the price-cost squeeze.
Refer to the information provided in Figure 14.1 below to answer the question(s) that follow.
Figure 14.1Refer to Figure 14.1. Six firms that produce chewing gum form a cartel. The cartel faces the market demand curve given by D. To maximize profits, the cartel should produce ________ packs of chewing gum and the price should be ________.
A. 16,000; $.35 B. 12,000; $.25 C. 12,000; $.40 D. 14,000; $.30