What is the function of the system of federal regulation created by Congress from 1887 until now?
(a) To change the outcomes of market decisions
(b) To enforce the outcomes of market decisions
(c) To replace market allocations with economic planning
(d) To enforce the law
(c)
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The U.S. Postal Service uses Ramsey pricing
Indicate whether the statement is true or false
A consumer values a house at $525,000 and a producer values the same house at $485,000 . If the transaction is completed at $510,000 . the transaction will generate:
a. No surplus b. $25,000 worth of seller surplus and unknown amount of buyer surplus c. $15,000 worth of buyer surplus and $25,000 of seller surplus d. $25,000 worth of buyer surplus and unknown amount of seller surplus
Discouraged workers are included in labor force figures, but not in unemployment figures
a. True b. False Indicate whether the statement is true or false
Scarce goods are: a. desirable and unlimited in amount
b. undesirable and unlimited in amount. c. desirable and limited in amount. d. undesirable and limited in amount.