Economic regulation occurs when:
A. monopoly is the optimal market structure.
B. the industry is highly competitive.
C. the product is important to economic welfare.
D. the government owns the assets of the industry.
Answer: A
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For a given production possibilities frontier, which points are attainable?
A. Points inside the frontier B. Points outside the frontier C. Points on or outside the frontier D. Points on the frontier only E. Points on or inside the frontier
Typically the largest component of the narrowly-defined money stock in the United States, known officially as M1, is
A) commercial bank reserves. B) currency in commercial bank vaults or the hands of the public. C) demand deposits and savings deposits in commercial banks. D) checking account deposits. E) gold, silver, coins, and paper currency.
The above figure shows the demand and marginal cost curves for a monopoly. Under monopoly, consumer surplus equals
A) a + b. B) a + b + c. C) a + b + c + d + e + f. D) None of the above.
One cost associated with taxes is the: A redistribution of surplus.
A. redistribution of surplus. B. resulting under consumption. C. administrative burden. D. change in relative values.