Economic regulation is government policy designed to
a. improve health and safety in products and in working conditions
b. prevent firms from monopolizing or developing a cartel in existing competitive markets
c. eliminate existing monopolies by breaking them apart into many smaller firms
d. create monopolies by forcing competitive firms to merge
e. control price and output in industries where monopoly is desirable
E
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If a monopolist decides to charge a higher price for its product, it will yield:
A) a lower revenue per unit sold but a higher number of units sold. B) a lower revenue per unit sold and a lower number of units sold. C) a higher revenue per unit sold but a lower number of units sold. D) a higher revenue per unit sold and a higher number of units sold.
If the currency drain increases, how can the Fed adjust the monetary base to offset the effect on the quantity of money?
What will be an ideal response?
Appendix: The Identification Problem in the development of a demand function is a result of:
a. the variance of the demand elasticity b. the consistency of quantity demanded at any given point c. the negative slope of the demand function d. the simultaneous relationship between the demand and supply functions e. none of the above
In Perfect Competition in long run equilibrium:
a) The firm is productively efficient. b) The firm is allocatively inefficient. c) The firm is both productively efficient and allocatively efficient. d) The firm is productively inefficient.