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Question
One key purpose of economic regulation is
A) to force a firm to produce at the point at which marginal cost equals marginal revenue.
B) to control the quality of service provided by a monopolist.
C) to control the price that regulated enterprises are allowed to charge.
D) to focus on the impact of production on the environment and society, the working conditions under which goods and services are produced, and sometimes the physical attributes of goods.
Answer
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Related questions
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The regulation of the prices charged by insurance companies is known asA) the Federal Register. B) social regulation.C) the market share test. D) economic regulation.
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If the marginal product curve is intersecting the average product curve, we know thatA) the average variable cost curve is intersecting the average total cost curve.B) the marginal cost curve is intersecting the average fixed cost curve. C) the average total cost curve lies above the marginal cost curve.D) the marginal cost curve is intersecting the average total cost curve.
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Suppose that the implicit cost for a business was $1,000 and the explicit cost was $5,000 and that the firm sold 1,000 units of its products at $6 per item. We can conclude that the firmʹsA) accounting profit was $6,000, and its economic profit was $0. B) accounting and economic profits were both $0.C) accounting profit was $1,000, and economic profit cannot be determined. D) accounting profit was $1,000, and economic profit was $0.
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B) it earns zero economic profits
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In a perfectly competitive market, if P > MC, then
A) too little output is being produced.
B) too much output is being produced.
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D) the firm is paying a price for resources that is too high.
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Q:
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Q:
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The law passed by Congress in 1914 that was designed to sharpen or define further the vagueness of the Sherman Act is calledA) the Robinson-Patman Act. B) the Wheeler-Lea Act.C) the Clayton Act. D) the Federal Trade Commission Act.
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The health care market in the United States is characterized by
A) considerable government involvement.
B) third-party payment of health care costs.
C) asymmetric information between providers and consumers.
D) all of the above
Q:
Why should a perfect competitor produce at which price equals marginal cost?
Q:
Which of the following is a true statement?A) Any property right system will yield a situation in which all externalities are internalized. B) Voluntary agreements can always yield a situation in which all externalities are internalized.C) Opportunity costs always exist with whoever has property rights.D) Opportunity costs turn external costs into social costs.
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Q:
Suppose that during a given time period the implicit cost for a business was $1,500 and that the explicit cost was $6,000. Also suppose that the firm sold 1,000 units of its products at $7 per item. We can conclude that the firmʹsA) accounting profit was $1,000, and its economic profit was -$500. B) accounting and economic profits were both $1000.C) accounting profit was -$500, and economic profit was $1,000. D) accounting profit was $1000, and economic profit was -$1,500.
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ʺThe slope of the demand curve gives the elasticity of demand.ʺ Do you agree or disagree?
Why?
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Which of the following type of shops is unlawful under the provisions of the Taft -Hartley Act?A) union shops B) closed shopsC) modified union shops D) open shops