Economists who believe in encouraging concentration
a. are clearly wrong
b. think that high prices are beneficial to society
c. think that lower prices result from economies of scale
d. want the government to break up monopolies
e. favor a laissez-faire approach
C
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Which of the following is NOT a simplifying assumption in the simple Keynesian model?
A) There is no foreign trade. B) Net investment and gross investment are equal. C) All profits are distributed to the business owners. D) Real disposable income equals government purchases of goods and services.
In the figure above, S is the supply curve and D is the demand curve in the unregulated, competitive market for gasoline in Motorland. The external cost of gasoline is constant at $1.50 per gallon
The unregulated, competitive market for gasoline in Motorland A) produces the efficient quantity of gasoline. B) overproduces by 0.2 million gallons of gasoline a month. C) underproduces by 0.1 million gallons of gasoline a month. D) overproduces by 0.1 million gallons of gasoline a month.