The social interest theory of regulation is defined as the
A) use of regulations to maximize firms' profits.
B) use of regulations to assure an efficient use of resources.
C) removal of regulations on business activities.
D) implementation and removal of regulations on the cable TV industry.
E) use of rate of return regulation.
B
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How a sales tax is divided between buyers and sellers is determined by
A) the government's choice of whom to tax. B) who the law says must pay the tax. C) the elasticities of supply and demand. D) the revenue needs of government.
Good A has an income elasticity equal to 0.4 and a cross price elasticity with respect to Good B of 1.2 . Then: a. Good A is an inferior good and Goods A and B are substitutes. b. Good A is an inferior good and Goods A and B are complements. c. Good A is a normal good and Goods A and B are substitutes
d. Good A is a normal good and Goods A and B are complements.