Beginning in the mid-1970s, Congress deregulated several industries including airlines and trucking
a. True
b. False
Indicate whether the statement is true or false
True
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In the United States since 1929, the duration of recessions on average has been:
A. shorter than the duration of expansions. B. longer than the duration of expansions. C. steadily increasing. D. steadily decreasing.
If a good is produced up to the point where marginal social benefit equals marginal social cost, then:
a. social welfare is maximized. b. the good is overproduced and the market is inefficient. c. firms are earning zero profits. d. all externalities have been eliminated.
Economists cite some beneficial effects of price discrimination. What are these benefits and how do the antitrust laws treat price discrimination?
In the diagram, curves 1, 2, and 3 represent the:
A. average, marginal, and total product curves respectively.
B. marginal, average, and total product curves respectively.
C. total, average, and marginal product curves respectively.
D. total, marginal, and average product curves respectively.