Who would be the most in favor of restricting entry or exit into a market?
A. Producers, to keep costs down
B. Consumers, to keep the price down
C. Producers, to keep competition down
D. Consumers, to keep profits down
Answer: C
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Economists assume maximizing efficiency over other goals:
A. is a guiding principle of policy-making. B. is always the best approach. C. should never be followed. D. may not bring about the best outcome for society.
Flat tax
A. is same tax rate to everyone. B. is same tax rate to each component of income. C. allows a tax base with no deductions with a few exemptions and expenses. D. is same tax rate to everyone and to each component of income only. E. all of these answer options are correct.
American life expectancy is _____ than average in comparison to other industrial countries.
Fill in the blank(s) with the appropriate word(s).
When a state government chooses to build more roads, the resources used are no longer available for public education programs. This dilemma illustrates the concept of
A. unintended consequences. B. scarcity. C. production expenses. D. unemployment issues.