Government may intervene in markets
a. to regulate firms like public utilities.
b. directly, like creating a public service like the delivery of mail.
c. indirectly, like planning an d funding multipurpose water projects that provide electricity, flood control and irrigation .
d. All of the above are ways government may intervene in markets.
d. All of the above are ways government may intervene in markets.
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If a decrease in income leads to a decrease in the demand for mac and cheese, then mac and cheese is
A) a normal good. B) a neutral good. C) a complement. D) a necessity.
In the long run, firms in a monopolistically competitive market operate at:
A. an efficient scale. B. a less-than-efficient scale. C. a more-than-efficient scale. D. Any of these could be true, depending on the individual firm.