One of the basic differences between social and economic regulations is that
A) economic regulations only apply to financial institutions while social regulations apply to a greater variety of institutions.
B) social regulations only apply to non-profit organizations while economic regulations apply only to for-profit organizations.
C) economic regulations cover only particular industries while social regulations apply to all firms in the economy.
D) economic regulations focus on the banking industry while social regulations focus on monopolies.
C
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Explain the difference between a change in quantity demanded and a change in demand
What will be an ideal response?
If there is increasing opportunity cost, then when moving downward on a production possibilities frontier, the opportunity cost of the good on the horizontal axis ________ as more of the good is produced
A) increases and the PPF gets steeper B) increases and the PPF gets flatter C) decreases and the PPF gets steeper D) decreases and the PPF gets flatter E) does not change and the PPF gets steeper
A firm in competitive price-taker market is maximizing profit at Q = 3,000 . Then its fixed cost increases. The profit-maximizing output is now
a. greater than 3,000 and profit decreases b. less than 3,000 and profit decreases c. greater than 3,000 and profit is unchanged d. equal to 3,000 and profit decreases e. equal to 3,000 and profit increases
The idea that inflation by itself reduces people's purchasing power is called
a. the inflation tax. b. menu costs. c. the inflation fallacy. d. shoeleather costs.