Nabamitta is a doctor in a foreign country. When she first began medical school the number of doctors in her country was strictly limited by the government
Although the barriers to becoming a doctor were high, she invested nearly a decade of her life attempting to get a license because she knew if she received one she would be assured of a steady stream of patients. Soon after receiving a license, however, her country eliminated all barriers to entry in medical services. The result of the deregulation will likely be _____ for past license holders such as Nabamitta. a. transitional gains b. decreased competition c. transitional losses
d. a new regulatory cartel
c
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Firms in monopoly or monopolistically competitive market structures do not have traditional supply curves as firms in perfect competition do
a. True b. False
The CPI is the price index used to calculate real GDP
a. True b. False
Government intervention in agricultural markets was
a. ruled unconstitutional by the Supreme Court in 1936 b. initially introduced to promote agricultural exports and to curb agricultural imports from other countries, especially from Spain c. initially designed to help consumers by legislating farm prices below their equilibrium levels d. started in 1933 e. initially designed to promote productivity and to decrease the number of farms in the economy
If a consumer has allocated income between pizzas and movies such that utility is maximized, and the price of pizza falls, when equilibrium is restored this consumer will:
a. consume less pizzas and the same amount of movies. b. consume less pizzas and more movies. c. consume more movies. d. consume more pizza.