One reason why our laws and social mores work against competition is:
A. managers are constantly wanting to operate more efficiently.
B. society has other goals besides efficiency.
C. society likes the advantages of monopolies.
D. society does not want lower prices.
Answer: B
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A variable that is potentially affected by an experimental treatment is referred to as a(n):
A) compulsory variable. B) omitted variable. C) independent variable. D) dependent variable.
The minimum wage in 2008 was $6.55 cents until July 2008 when it was raised to $7.25. If the minimum wage in June was below the equilibrium wage and the increased wage in July was above the equilibrium wage, then
A) firms' producer surplus was greater in June than in July. B) unemployment was unaffected by the increase. C) the deadweight loss was greater in June than in July. D) employment of low-skilled workers increased in July.
If price = marginal cost at the output produced by a perfectly competitive firm and the firm is earning an economic profit, then
A) marginal revenue is less than price. B) price exceeds average total cost. C) total revenue equals total cost. D) average total cost is at a minimum.
The U.S. has a higher infant mortality rate than other developed countries. This is most likely a result of
a. poor medical care. b. poverty. c. poor access to medical care. d. the cause or causes are unknown. e. both b and c are true.