The supply curve illustrates
A) the amount of a good producers plan to sell at given prices.
B) the amount of a good producers need to sell at given prices.
C) the corresponding demand for a good at given prices.
D) the sunk costs associated with producing a scarce good.
A
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Identify the best reason for regulating a natural monopoly
a. A natural monopoly can serve the entire market at a lower average cost than if two or more smaller firms split the market and compete against each other. Thus consumers can benefit from the existence of monopoly, and regulators must protect consumers by regulating the monopoly's price. b. A natural monopoly is a high-cost producer that creates significant employment opportunities in an economy. Thus regulators must protect them from competition. c. A natural monopoly is a large firm whose production depends largely on the natural resource endowment in a country. Regulators must control the prices of their products to help them maintain the high cost of sustainable resource management. d. A natural monopoly is a large firm that creates negative production externalities in an economy. Thus regulators impose lumpsum taxes on their produce and redistribute the proceeds to correct these negative externalities.
Variables A and B are inversely related. If we plot A on the horizontal axis and B on the vertical axis, the line that connects combinations of A and B in a two-variable diagram is
A) parallel to the horizontal axis. B) downward-sloping (left to right). C) parallel to the vertical axis. D) upward-sloping (left to right). E) a or c
In 2014, remittances was over:
A. $590 Billion. B. $60 Billion. C. $1 Trillion. D. $500 Million.
Suppose a vote was taken among 7 district representatives about how much of the city budget should be spent on tourism advertising. Two prefer it to be 10 percent, two prefer 15 percent, and three prefer 50 percent. According to the median voter theorem, the chosen amount to spend on tourism advertising is ________ of the budget.
A. 15 % B. 50 % C. 10 % D. 30 %