Who gains from a law requiring people who want to enter the taxicab business to prove they are thoroughly competent, honest, and reliable before they can obtain a license?
A) Local people who use taxicabs frequently and regularly
B) Local people who use taxicabs only occasionally
C) Out-of-town visitors who use taxicabs
D) Owners of taxicab licenses
E) Potential owners and operators of taxicabs who are members of minority races
D
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Though large firms have the knowledge and resources to utilize a better pricing strategy, many choose to use cost-plus pricing. One reason for this is that
A) large firms do not have to maximize their profits because they face little competition from other firms. B) firms often adjust the markup they charge to reflect current demand. C) there is less risk of violating antitrust laws if a cost-plus pricing strategy is used rather than a profit-maximizing pricing strategy. D) the additional revenue that would result from a profit-maximizing pricing strategy is an insignificant fraction of the firms' revenues.
During the Middle Ages, heretics were often burned at the stake. Were the heretics violating the assumption of rational self-interest? Explain
What will be an ideal response?
There are never any adverse consequences of government attempts to modify the laws of supply and demand.
Answer the following statement true (T) or false (F)
If a government enacts a price floor on agricultural products to protect wheat farmers, the result is likely going to be
a. an increase in price with a surplus of wheat. b. an increase in price with a shortage of wheat. c. a decrease in price with a surplus of wheat. d. a decrease in price with a shortage of wheat.