which of the following is true of regulation?
What will be an ideal response?
regulatory agencies often ignore the secondary effects of their actions and fail to foresee future problems
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The phenomenon that describes how transfer programs, which significantly reduce the adversities of poverty, also reduce the opportunity cost of choices that often lead to poverty is known as
a. the implicit marginal tax rate. b. Gibson's paradox. c. the Phillips curve d. the Samaritan's dilemma.
In a basic model of wage and employment determination with a monopoly union, the monopoly union stipulates the wage. The firm then responds by choosing an employment level that maximizes
A. profit. B. the wage. C. strike duration. D. output. E. labor costs.
A problem in using the judgment by market structure criterion is that:
A. each action of a firm must be analyzed separately and within a particular context. B. it is the most subjective standard. C. it is difficult to determine the relevant industry and geographic market. D. it is an expensive and time-consuming standard.
Higher prices tend to reduce the quantity demanded
What will be an ideal response?