The benefits of social regulation are
A. obvious to almost everyone, but the costs are usually hidden.
B. often difficult to measure.
C. easy to measure by the marginal value method.
D. greater than the costs of social regulation in every example in the country today.
Answer: B
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Refer to the figure above. When the demand curve for flash drives is D and the supply curve of flash drives is S1, what is the surplus in the market if the price is $7?
A) 10 units B) 20 units C) 50 units D) 60 units
A production function defines the output that can be produced
A) at the lowest cost, given the inputs available. B) for the average firm. C) if the firm is technically efficient. D) in a given time period if no additional inputs are hired. E) as technology changes over time.
The marginal cost curve intersects the average total cost curve (ATC)
a. at the ATC's minimum point b. only when the ATC is sloping upward c. at the ATC's maximum point d. only when the ATC is sloping downward e. when the ATC intersects the fixed cost curve
When the government imposes a tax on the production of a commodity:
a. production will invariably increase. b. the cost of production increases, so the supply curve shifts to the left. c. the benefits of consumption increases, so the demand curve shifts to the right. d. there is no change in demand or supply of the commodity. e. both the demand and supply curves shift to the right.