One reason to require licensing of attorneys is that
A. legal services are a private good.
B. legal services generate positive externalities.
C. consumers of legal services lack perfect information.
D. legal services are used primarily by the wealthy.
Answer: C
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If one job applicant truthfully reveals that they subscribe to an industry publication, the job applicant is
A) using the trade publication as a screening tool. B) using the trade publication as a signaling tool. C) using the trade publication as a form of statistical discrimination. D) using the trade publication for the wrong reasons.
Production by a monopoly would result in the socially optimal allocation of resources if
a. price is set equal to marginal cost b. marginal revenue is set equal to price c. marginal revenue is set equal to marginal cost d. price is set equal to average total cost e. marginal revenue is set equal to average total cost