Some economists believe that monopolies are both inevitable and beneficial to society. They believe that monopolies are more efficient than competitive markets and generate lower prices. For these reasons they oppose _________ and advocate __________
a. antitrust laws; laissez-faire
b. laissez-faire; antitrust laws
c. nationalization; regulation
d. regulation; nationalization
e. antitrust laws; nationalization
A
You might also like to view...
Starting from long-run equilibrium, an increase in autonomous consumption results in ________ output in the short run and ________ output in the long run.
A. higher; higher B. higher; potential C. lower; higher D. lower; potential
The production-based method of national accounting sums up:
A) the total revenue earned by all the firms in the economy. B) the value that is added by each domestic firm in the production process. C) the income earned by each factor of production for participating in the production process. D) the expenditure incurred by domestic and foreign economic agents on domestic products. Infi Cor
When a firm maximizes its profit, which of the following is correct for firms in monopolistic competition and perfect competition?
A) P = MC for both types of firms. B) P = MR = MC for firms in perfect competition and P > MR = MC for firms in monopolistic competition. C) MR = MC for firms in perfect competition and MR > MC for firms in monopolistic competition. D) P > MR = MC for firms in both perfect competition and monopolistic competition. E) P = ATC always for firms in both perfect competition and monopolistic competition.
Investment in social overhead capital refers to investment in areas like education and nutrition.
Answer the following statement true (T) or false (F)