Those economists who argue that the European Union is not a true optimal currency area cite _______________ and __________________ as justifications for this position

What factor would not help resolve the Bertrand paradox (that a perfectly competitive outcome can emerge with as few as two firms in the market) if the basic Bertrand model were extended to include it?

a. Repeated interaction b. Search costs c. Sequential moves d. Product differentiation

Defenders of social regulation point out that:

A. social regulation is a better alternative than unregulated natural monopoly. B. critics who stress the high administrative and compliance costs of social regulation underestimate the social benefits that the regulations produce. C. the number of regulatory agencies has declined over the past two decades. D. social regulations reduce product prices.