In general, the costs tariffs and quotas impose on consumers are
A) large in total and large per person. B) small in total but relatively large per person.
C) large in total but relatively small per person. D) small in total and small per person.
C
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The above figure shows supply and demand curves for apartment units in a large city. The area "c" represents
A) the loss in consumer surplus if a rent ceiling of $350 is imposed. B) a transfer from producers to consumers if a rent ceiling of $350 is imposed. C) a transfer from consumers to producers if a rent ceiling of $350 is imposed. D) the total revenue received by supplying Q1 units.
Government regulation of monopolies is designed to
a. prevent price discrimination b. eliminate rent-seeking activities c. reduce barriers to entry into monopolized markets d. keep prices and profits lower than they would otherwise be e. ensure that monopolies are minimizing costs
A monopolistically competitive firm in the long run will
a. have a demand curve tangent to its AC. b. have a demand curve below its AC. c. have a demand curve above its AC. d. operate where excessive profit can be achieved.
Studentized residuals are obtained from the original OLS residuals by dividing them by an estimate of their standard deviation.
Answer the following statement true (T) or false (F)