Suppose studies showed that only 15 percent of all teens wear their bike helmets while riding their bikes. If policymakers wish to have more teens wear their bike helmets, they should:
A. inform teens of the social norm.
B. not inform teens of the social norm.
C. Informing them of the social norm will have no impact on their individual situation.
D. The statistic is likely to influence their personal decision, but it is impossible to predict in what way without more information.
B. not inform teens of the social norm.
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Refer to the figure below.
If a price ceiling were imposed at point G, the loss in total economic surplus would be represented by the area ________.
A. DAC B. JAE + DGF C. GJEF D. FEC
According to the text, a convincing argument against concentration of market power is that
A. The exercise of market power results in a higher price. B. Market power increases incentives for innovation and invention. C. Market power results in lower barriers to entry. D. Large firms can produce more efficiently than small firms because of diminishing returns in production.