Industries often lobby against the removal of regulations because
a. the regulations often enforce a de facto cartel agreement.
b. their customers would be made worse off without government-proscribed standards.
c. the largest firms could then dominate the industry.
d. deregulation would cause higher entry prices for new firms.
a. the regulations often enforce a de facto cartel agreement.
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The consumption bundle that maximizes a consumer's satisfaction given his income is located:
A) at the point of tangency of the consumer's demand curve and indifference curve. B) at any point of intersection of the consumer's demand curve and indifference curves. C) at the point of tangency of the consumer's budget constraint and indifference curve. D) at any point of intersection of the consumer's demand curve and indifference curves.
Which of the following is false?
A) International differences in tastes, if sufficiently large, could overturn the comparative advantage predictions of the HO model. B) The classical and HO models make similar assumptions about international differences in technology. C) The HO model predicts that some groups will be hurt by international trade. D) Both the classical and the HO models predict that countries gain from international trade.
As a percentage of GDP, all of the following federal government expenditures are expected to increase from 2012 to 2042 except
A) Social Security. B) Medicare and Medicaid. C) the net interest on the federal debt. D) national defense.
When a tariff is imposed, the demand curve for the domestic good
A) shifts downward and to the right. B) shifts upward and to the left. C) shifts upward and to the right. D) shifts downward and to the left.