Economists believe that government regulation to prevent companies from making false or deceptive claims may be justified when:
A. consumers already have complete information about the product due to other market forces.
B. the equilibrium quantity and price are lower than they would be if consumers had complete information.
C. the equilibrium quantity and price are higher than they would be if consumers had complete information.
D. the equilibrium quantity and price are equal to the values they would take if consumers had complete information.
Answer: C
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The "rules of the game" under the gold standard can best be described as which of the following:
A) selling domestic assets in a deficit and buying assets in a surplus. B) slowing down the automatic adjustments processes inherent in the gold standard. C) selling domestic assets in order to accumulate gold. D) selling foreign assets in a deficit and buying foreign assets in a surplus. E) selling domestic assets in a surplus.
The highest valued alternative option that must be given up in order to choose an action is called its
a. utility. b. opportunity cost. c. capital. d. ceteris paribus