When the market is in equilibrium:
A. unexploited opportunities exist for both individuals and society.
B. unexploited opportunities exist for individuals but not for society.
C. no unexploited opportunities exist for individuals.
D. no unexploited opportunities exist for society.
Answer: C
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With a natural monopoly,
A) no regulation is necessary because it is a natural monopoly. B) regulation takes the form of forcing competition from new firms. C) regulation takes the form of forcing the company out of business. D) regulation can take the form of average cost pricing to allow coverage of costs. E) regulation takes the form of breaking the company into several competing firms.
An example of a transfer payment is
A) a welfare payment. B) a paycheck for a member of the National Guard. C) a purchase of a new bridge in Alaska. D) a teacher's paycheck.