Doctors and lawyers in every state need a license to practice. This is an example of
A) ownership of a key input. B) consumer protection laws.
C) consumer advocacy. D) occupational licensing.
D
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A monopolistically competitive firm's marginal revenue curve
A. is downward-sloping and coincides with the demand curve. B. does not exist because the firm is a "price maker." C. is downward-sloping and lies below the demand curve. D. coincides with the demand curve and is parallel to the horizontal axis.
Which of the following is TRUE?
A) A country with a current account surplus is earning more from its exports than it spends on imports. B) A country could finance a current account deficit by using previously accumulated foreign wealth to pay for its imports. C) A country with a current account deficit must be increasing its net foreign debts by the amount of the deficit. D) We can describe the current account surplus as the difference between income and absorption. E) All of the above are true of current account balances.
Consider the demand curve of the form Q = a - bP. If a is a positive real number, and b = 0, then demand is
A) completely inelastic. B) inelastic, but not completely. C) unit elastic. D) elastic, but not infinitely.
Bill lives in Montana and likes to grow zucchini. He applies fertilizer to his crops twice during the growing season and notices that the second layer of fertilizer increases his crop, but not as much as the first layer. What economic concept best explains this observation?
a. The law of diminishing marginal utility. b. The law of diminishing returns. c. Return equalization principle. d. The principal-agent problem.