A potential benefit that comes from social regulations would be
A) higher costs.
B) a cleaner environment.
C) higher tax collections.
D) more layoffs.
Answer: B
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If the marginal utility of each good consumers buy does not diminish but remains constant, we should witness consumers:
a. buying no goods at all. b. spending all of their income on the good with the highest MU. c. buying one of each good. d. buying only the least expensive goods. e. become indifferent to what goods they buy.
Let the marginal product of capital (MPK ) be 6; the marginal product of labor (MPL) be 2; the price of labor is given by $10 . What will be the price of capital such that the isocost and the isoquant are tangent to each other?
a. $30 b. $3 c. $60 d. $6
A monopoly is a
a. price taker b. single buyer of an input into production c. firm facing a perfectly elastic demand curve d. group of firms controlling the price and output for an industry e. price setter
If a firm sold $700 worth of goods that cost $800 to produce:
A. aggregate income would still equal GDP. B. aggregate income would no longer equal GDP. C. the firm's loss would not be added to aggregate income. D. aggregate income would be negative.