The regulation of natural monopolies is common in which of the following industries?
A. Electricity
B. Tobacco
C. Oil
D. Alcohol
Answer: A
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Which of the following is an example of human capital for a college economics professor?
a. years of experience b. "clickers" which interface with an in-class computer system and display the results of student "votes" c. chalk d. internet access in the classroom
Producer surplus is the
A. area under the supply curve to the left of the amount sold B. area under the supply curve to the right of the amount sold C. amount the seller is paid plus the cost of production D. amount the seller is paid less the cost of production E. cost to sellers of participating in a market
The harmful effect of a price floor to ________ is ________.
A. consumers; the selling price of the product is below the equilibrium price B. consumers; the floor creates a shortage of the product C. producers; the floor creates a surplus of the product D. producers; the selling price of the product is below the equilibrium price
Housing prices peaked
A. right as the recession began in December 2007. B. before the recession of 2007-2009 began. C. after the recession began in December 2007. D. in 1999.