When regulations interfere with exchange and limit entry into various businesses and occupations, they will
What will be an ideal response?
retard economic progress.
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Price elasticity of supply is defined as
A) the quantity supplied divided by the quantity demanded. B) the change in the quantity supplied divided by the change in the quantity demanded. C) the percentage change in the quantity supplied divided by the percentage change in price. D) the percentage change in the quantity supplied divided by the percentage change in the quantity demanded.
Suppose a monopsonist wants to hire more workers. If it has to pay the same wage to all of its workers, the:
a. marginal factor cost will fall while the wage will rise. b. wage will fall while the marginal factor cost will rise. c. difference between the wage and marginal factor cost will become smaller. d. difference between the wage and the labor supply curve will increase. e. wage and the marginal factor cost will increase.
Under the original Clayton Act, which of the following was not illegal?
a. Charging different prices for the same product. b. Exclusive dealer agreements. c. The purchase of the stock of a rival firm that lessens competition. d. The purchase of the assets of a rival firm that lessens competition.
The argument a tariff on imported goods produced by an unlimited industry could benefit the members of the domestic union is
A. the protect domestic jobs argument. B. the national defense argument. C. the dumping argument. D. the infant industry argument.