All of the following are reasons a government might choose to protect monopoly rights in an industry except:
A. because it is in the public's interest to do so.
B. to benefit insiders.
C. to encourage innovation.
D. to increase consumer surplus beyond what is achieved through competition.
D. to increase consumer surplus beyond what is achieved through competition.
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The price elasticity of supply is always a positive value because
i. there is a direct relationship between the price and the quantity supplied. ii. as the equilibrium price increases, the equilibrium quantity also always increases. iii. buyers are willing to pay a higher price for larger quantities. A) i only B) ii only C) iii only D) i and ii E) ii and iii
In the long run, one-time increases or decreases in the nominal money supply affect
A) real output, but not the price level. B) the price level, but not real output. C) both real output and the price level. D) neither real output nor the price level.
If a bank receives $1,000 in currency as a new deposit, its ability to make loans increases by $1,000
a. True b. False Indicate whether the statement is true or false
"Employment fell last month to its lowest level in the last six years" is an example of: a. the fallacy of composition. b. positive economics
c. normative economics. d. none of the above