Government intervention to alter market structure or prevent abuse of market power is the basic purpose of
A. Antitrust policy.
B. Government taxes.
C. Social demand.
D. Merit goods.
Answer: A
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As a percentage of GDP, the largest deficits in the twentieth century
A. were caused by huge tax cuts in the 1980s. B. resulted from spending increases in the 1990s. C. resulted from World War II. D. resulted from the Vietnam War.
Suppose the real interest rate is 4% and the expected inflation rate is 3%. If the money supply increases by 10% and output, the real interest rate, and the expected inflation rate are unchanged, then the price level increases by
A. 7%. B. 4%. C. 3%. D. 10%.
Explain the difference between Microeconomics and Macroeconomics
What will be an ideal response?
A firm in a perfectly competitive market maximizes profits when it finds
A. the quantity at which total revenue minus total cost is the greatest. B. the quantity at which total revenue equals total cost. C. the quantity at which total revenue is maximized. D. the price at which total revenue minus total cost is the greatest.