The behavior of regulators when trying to win approval for their actions from their entire constituency is best described by the
A. share-the-gains, share-the-pains hypothesis.
B. marginal benefit pricing hypothesis.
C. capture hypothesis.
D. law of increasing social well-being.
Answer: A
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In a multiplayer game where there are two equally-enjoyable choices of what to do, and everyone wants to do what everyone else is doing, only one Nash equilibrium is stable
Indicate whether the statement is true or false
If a product has very few substitutes, demand elasticity is likely to be
A) 1. B) elastic. C) infinitely elastic. D) inelastic.
In the above table, if the market is perfectly competitive and unregulated, at the equilibrium output level
A) marginal private cost equals the marginal private benefit. B) marginal private cost is less than the marginal private benefit. C) marginal social cost equals the marginal private benefit. D) marginal social cost is greater than the marginal private benefit.
Why is the relationship between marginal product and marginal cost an inverse one?
What will be an ideal response?