If a group of sellers that can restrict entry into a market, they will often be able to enlarge their total profit by
a. raising price and reducing output.
b. raising price and expanding output.
c. lowering price and expanding output.
d. raising price and leaving output unchanged.
A
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The social interest theory of regulation is defined as the
A) use of regulations to maximize firms' profits. B) use of regulations to assure an efficient use of resources. C) removal of regulations on business activities. D) implementation and removal of regulations on the cable TV industry. E) use of rate of return regulation.
Jon is risk averse. When he buys insurance against all risks, then
A) he knows his wealth with certainty. B) his utility exceeds his expected utility. C) his wealth exceeds his expected wealth. D) all of the above.
Define the concentration ratio
What will be an ideal response?
Good governance is:
A. important to economic growth, but not to economic development. B. important to both economic growth and development. C. important to economic development, but not to economic growth. D. not important to either economic growth or development.