The Keynesian aggregate supply schedule slopes upward because of
a. unstable expectations.
b. inflexible wages and prices.
c. changes in technology.
d. differences between actual and expected price levels.
B
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Cable television is regulated because of its monopolistic cost structure. Baseball and basketball games, which also have monopolistic cost structures, are unregulated. What do these activities (watching TV and going to the ball park or stadium) not have in common?
a. being a leisure activity b. being a luxury c. entertainment value d. large-scale public consumption e. industry trade groups
Moral hazard is:
A. when buyers and sellers with the same information about the quality of a good or the riskiness of a situation agree to a somewhat shady deal. B. the tendency for people to behave in a riskier way or provide less effort when they do not face the full consequences of their actions. C. when people engage in behavior that is considered highly desirable by the person who bears the cost of the behavior. D. when buyers and sellers have different information about the quality of a good or the riskiness of a situation.