Which of the following goods will have the most elastic demand at any time?
A. Cigarettes
B. Electricity
C. Gasoline
D. Water
E. Jewelry
E. Jewelry
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The U.S. has one of the highest unionization rates of all the industrialized countries around the world
a. True b. False Indicate whether the statement is true or false
The main problem with a regulatory commission setting P = ATC is that the regulated firm will
a. experience a loss b. find its demand curve shifting to the left c. earn economic profits d. refuse to make new purchases of capital e. have little incentive to keep costs down
One argument for trade restriction that focuses on new industries is that
A) trade barriers must be used to protect all domestic workers. B) tariffs imposed to aid new industries should never be removed. C) new industries are usually capable of competing with established rivals. D) new industries need to be shielded in their early stages. E) trade barriers can be used to enhance national security.
The "deadweight loss" from a monopoly refers to
a. the portion of a monopolist's profits that are above the competitive profit level. b. the increase in price due to the monopolization of a market. c. the inefficient use of factors of production by a monopoly. d. the loss of consumer surplus due to the monopolization of a market that is not transferred to another economic actor.