"Granger laws" were early efforts by states to regulate the railroads and were
a. were severely limited in scope through litigation,
b. generally outlawed both place and person discrimination,
c. established commissions with the power to investigate complaints
d. All of the above
Ans: d. All of the above
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If a monopolist's production process has economies of scale and average cost exceeds marginal cost, then
A) the government could set price equal to marginal cost and subsidize the monopoly. B) the government should not offer a subsidy, since the monopoly can make a profit setting price equal to marginal costs. C) if the government sets price equal to average cost, the monopoly will go out of business. D) the government cannot regulate price.
It may be advisable for a firm to stay in business, even if it's losing money,
a. but only in the short run b. but only if its profit covers the loss c. but only in the long run d. because "things may change" e. when the owner has lots of money
Waybelow Normal University has found it necessary to institute a crime-control program on its campus to deal with the high costs of theft and vandalism. The university is now considering several alternative levels of crime control. This table shows the expected annual costs and benefits of these alternatives. Total Costs Per YearTotal Benefits Per Year (Reduction in the Costs of Crime)Level One - 1 Security Officer$20,000$80,000Level Two - 1 Security Officer with Guard Dog30,000120,000Level Three - 1 Security Officer with Guard Dog and Patrol Car40,000140,000Level Four - 2 Security Officers with Guard Dog50,000155,000Level Five - 2 Security Officers with Guard Dog and Patrol car60,000160,000Refer to the above information. Based on cost-benefit analysis, Waybelow should undertake:
A. Level Two. B. Level Three. C. Level Four. D. Level Five.
There is an excess demand in a market for a product when
A. supply is less than demand. B. the current price is higher than the equilibrium price. C. quantity demanded is less than quantity supplied. D. quantity demanded is greater than quantity supplied.