Sellers turn so frequently to government in efforts to protect themselves from competition because government
A) can be influenced by monetary payments.
B) can use coercion against competitors.
C) has rather consistently forced firms to compete when they preferred not to.
D) is charged with protecting the public interest.
E) is under the thumb of monopolists.
B
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Auto workers negotiate a wage increase. How does this wage hike affect the supply of cars?
A) It decreases the supply. B) It increase the supply. C) It has no effect. D) There is not enough information to tell if the change increases, decreases, or has no effect on the supply of cars.
Suppose an economist claims there are substitutes for wetlands. The person is saying
A) wetlands are of no value. B) wetlands are worth less than their substitutes. C) there is a cost to maintaining a wetland. D) there is a cost to maintaining a wetland, and it is necessarily too high. E) economists don't like wetlands.