The notion that regulated industry members themselves, sooner or later, are able to control regulatory bodies is referred to as
A) consumerism.
B) cartelization.
C) the capture theory.
D) the control theory.
Answer: C
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Using the scenario above why might the results be different for small classes compared to large classes?
What will be an ideal response?
What role does a company like J.D. Power (which provides product satisfaction reviews) serve?
A) It provides a screening test. B) It provides a signal of quality. C) It reduces moral hazard. D) It reduces costs of giving surveys.
Compared to a perfectly competitive firm, the demand schedule of a monopolistically competitive firm faces is
A. less price elastic. B. perfectly price inelastic. C. perfectly price elastic. D. more price elastic.
Aggregate demand and supply curves have been widely used to analyze the performance of the macroeconomy. Figure 5-3 shows four diagrams that represent different changes in the macroeconomy. Choose the diagram that best represents the situations described in the following questions.Figure 5-3
Which graph in Figure 5-3 best represents the economic conditions of the American economy in 2001?
A. 1 B. 2 C. 3 D. 4