The era of deregulation began as a result of the government's failed response to the oil price shock of 1973.
Answer the following statement true (T) or false (F)
True
The OPEC embargo of 1973 and the subsequent attempts by government to address the problem caused shock waves throughout the economy, leading to calls for less government intervention.
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Which of the following is TRUE regarding perfect competition? I. The firms are price takers. II. Marginal revenue equals the price of the product. III. Established firms have no advantage over new firms
A) I and II B) II and III C) I, II and III D) I only
The figure illustrates the market for haircuts. Curve A is the ________ curve, and curve B is the ________ curve
A) marginal social cost; marginal social benefit B) total social cost; total social benefit C) opportunity cost; opportunity benefit D) marginal social benefit; marginal social cost
Comment on the following statement: "Diminishing returns occur when total output falls as additional units of labor are combined with fixed inputs in the production process."
What will be an ideal response?
Refer to Figure 4.1. A shift from S2 to S1 will result from which of the following?
A) an increase in expected future profits B) an increase in net exports C) a decrease in corporate taxes D) an increase in tax credits for savings