Prohibiting price increases in situations of true scarcity could best be described as
a. interfering with the "law" of supply and demand.
b. thwarting the "law" of increasing returns to scale.
c. violating the "law" of increasing cost.
d. interfering with the "law" of diminishing marginal utility.
a
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The figure above shows the market for private elementary school education in Chicago. There is no external cost of private elementary education
If the government does not intervene in this market, the equilibrium number of students being privately educated is ________ and the efficient quantity is ________. A) 0 students; 400 students B) 400 students; 400 students C) 400 students; 600 students D) 600 students; 400 students E) 600 students; 600 students
If a firm is able to practice first-degree price discrimination, the firm will produce ________ than if they charged a single price to all consumers and the firm will earn ________ profit than if they charged a single price to all consumers.
A) more; more B) less; more C) more; less D) less; less
Why does the Federal Reserve alter monetary policy?
(A) To provide services to member banks. (B) To enable banks to clear checks. (C) To lessen the effect of natural business cycles. (D) To regulate the banking industry.
Which of the following represents a legal? body, separate from any? individual, that can possess property and conduct? business?
A. Corporation B. Sole proprietorship C. Limited liability company D. Master limited partnership E. Partnership