Social regulation is focused on all of the following EXCEPT
A) the impact of production on the environment and society.
B) better working conditions, and safer and better products.
C) a better quality of life through a less polluted environment.
D) ensuring costs are minimized and benefits are maximized.
Answer: D
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Why would a member of a cartel cheat?
What will be an ideal response?
Normative economic analysis
a. involves the study of what comprises a normal firm. b. involves how resources are actually used in an economy. c. involves judgments on how resources should be used in an economy. d. is usually thought to be a waste of time.
Refer to the accompanying figure. Suppose the solid line represents the current supply of Star Wars action figures. If the price of the plastic used to make action figures rises, current supply will:
A. shift to S(A). B. not change because a change in the price of plastic will not affect the demand for action figures. C. shift to S(B). D. not change; only the quantity supplied will change.
The Red Jacket Mountain View Inn in New Hampshire charges $150 per room in the winter ski season and $90 during the summer months. The number of rooms and operating costs are constant year round. Which of the following best explains the price difference?
a. There is a rightward shift in demand in the summer. b. There is a rightward shift in demand in the winter. c. There is a leftward shift in demand in the winter. d. There is a leftward shift in the supply curve in the summer.