Regulators often adopt policies that benefit
A) consumers and injure producers.
B) the firms regulated rather than consumers.
C) only the government.
D) no one.
Answer: B
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Long-run elasticity of supply is defined as:
a. percentage change in quantity demanded in the long run divided by percentage change in price. b. percentage change in price divided by percentage change in quantity demanded in the long run. c. percentage change in quantity supplied in the long run divided by percentage change in price. d. percentage change in price divided by percentage change in quantity demanded in the long run.
Which of the following groups does not have an interest in restricting free trade?
A. People who buy the imported product. B. Producers in import-competing markets. C. Communities where workers in import-competing markets live. D. Workers in import-competing markets.
An antigrowth view states that there may be a significant trade-off between productivity and:
A. economies of scale. B. employment. C. education. D. the quality of life.
Refer to the information provided in Figure 3.8 below to answer the following question(s).
Figure 3.8Refer to Figure 3.8. Assume that there are only two people in the market for baseball caps: Alex and Ryan. Along the market demand curve for baseball caps, at a price of ________, quantity demanded would be ________.
A. $10; 7 B. $8; 12 C. $10; 11 D. $8; 13