Controlling market behavior that might prevent competition among all firms in the market
a. social regulation
b. economic regulation
c. antitrust policy
d. none of the above
c
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Refer to Tax Problem. In the absence of any government intervention (e.g. taxes or price controls), the market equilibrium is
Consider a perfectly competitive market were demand is Q = 100 - P and Supply is Q = P - 10. a. P = 45, Q = 45 b. P = 55, Q = 45 c. P = 45, Q = 55 d. P = 55, Q = 55
If the rate of exchange for a pound is $4, the rate of exchange for the dollar is ________.
A. $0.25 B. 4 pounds C. 1/4 pound D. $1.00
The fact that the long-run Phillips curve is vertical implies that
A) monetary policy can't affect unemployment. B) money is neutral in the long run. C) there is a natural rate of inflation. D) money can't affect inflation in the long run.
Commodity egalitarianism refers to commodities that
A. are important for most consumers. B. are too dangerous for most consumers. C. should be made available to all consumers. D. are good ideas but never produced.