The costs of regulation
A) include increased taxes and increased prices of the products being regulated.
B) are paid entirely by the regulated industries.
C) are more than covered by the benefits gained from the regulation.
D) are relatively small.
A
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Homer's Donut Shoppe has the production function q = 10L + 20L2 - 5L3. The marginal product of labor is
A) MP = 10 + 40L -15L2 B) MP = 10 + 20L -5L2 C) MP = 10L D) MP = 10 + 20L
Economists are very good at explaining how individual markets work. Economists are less successful at explaining
A. market pricing. B. recessions and inflation. C. central planning. D. business firm profits.
Evidence suggests that income inequality in India is
A. increasing relatively rapidly. B. increasing relatively slowly. C. decreasing relatively slowly. D. decreasing relatively rapidly.
In order to be drawn correctly, the minimum of the ATC is
A. to the right and up from the minimum of the MC. B. to the right and down of the minimum of the AVC. C. vertically straight up from the minimum of the AVC (neither to the right nor left). D. to the left and down of the minimum of the AVC.