Which of the following is not a major criticism of social regulation?
A. It is anticompetitive
B. It will increase product prices
C. It will increase the rate of innovation in the economy
D. It will impose a larger burden on small firms compared to large firms
C. It will increase the rate of innovation in the economy
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Refer to Figure 12-13. Suppose the prevailing price is P1 and the firm is currently producing its loss-minimizing quantity. In the long-run equilibrium
A) there will be fewer firms in the industry and total industry output decreases. B) there will be more firms in the industry and total industry output remains constant. C) there will be fewer firms in the industry but total industry output increases. D) there will be more firms in the industry and total industry output increases.
Price elasticity of demand is a measure of the relative responsiveness of the change in price to a change in quantity demanded
a. True b. False Indicate whether the statement is true or false