Some economists agree that monopolies are inevitable and bad, but they also believe that price regulation is the wrong way to combat the high prices of a monopolist. They prefer
a. deregulating prices
b. nationalization
c. laissez-faire
d. encouraging concentration
e. splitting up the monopoly
E
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If a single union supplies all the labor in a competitive labor market, the union probably will
A. increase labor supply to raise employment. B. restrict labor supply to raise wages. C. increase union membership to increase wages. D. act like a competitive firm.
An essential characteristic of a perfectly competitive market is:
A. sellers are selling unique products. B. buyers have complete control over the market price and sellers have none. C. buyers and sellers have no control over the market price. D. sellers have complete control over the market price and buyers have none.
If the U.S. experiences an enormous surge of immigration, we could predict it would make the labor supply:
A. increase and shift to the right. B. decrease and shift to the right. C. decrease and shift to the left. D. increase and shift to the left.
Except for any statistical errors, any current account deficit
A. Must be completely offset by unilateral transfers. B. Must be completely offset by a capital account surplus. C. Can be only partially offset by capital account surpluses and unilateral transfers. D. Must be completely offset by a trade surplus.