In some cases, social regulation may alter individuals' behavior. For example, there is evidence to indicate that as more automobile safety regulations have been introduced, more individuals have begun to drive recklessly
This phenomenon is known as A) the feedback effect.
B) the share-the-gains effect.
C) the share-the-pains effect.
D) the capture effect.
A
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Halibut tends to be much more expensive than cod. According to the economic way of thinking, relatively high halibut prices can be explained by
A) using the theory of supply and demand. B) pointing out the cause—Halibut boats are often more expensive than boats used to fish for cod. C) acknowledging the price differential is unfair to consumers of halibut. D) acknowledging the price differential is unfair to cod fishermen.
Refer to Table 4-13. The equations above describe the demand and supply for Aunt Maud's Premium Hand Lotion. The equilibrium price and quantity for Aunt Maud's lotion are $20 and 30 thousand units
What is the value of economic surplus in this market? A) $600 thousand B) $1,050 thousand C) $1,500 thousand D) $2,100 thousand
All of the following are methods of rationing goods EXCEPT
A) political power. B) the profit motive. C) first come, first served. D) prices.
The conditions in which vertical relationships can enhance a firm's ability to price discriminate include
a. the manufacturer's product is of value to multiple types of customers b. the costs of arbitraging the price difference across markets is large c. the manufacturer acquires the distributer in the higher priced market d. competition provides little ability for the manufacturer to price above marginal cost