Sam is a musician who is out of work because electronic equipment replaced live musicians. This is an example of:

Which of the following best describes the capture theory of regulation?

i. Regulation seeks an efficient use of resources. ii. Regulation is aimed at keeping prices as low as possible. iii. Regulation helps firms maximize economic profit. A) i only B) ii only C) iii only D) i and ii E) i, ii, and iii

If the marginal factor cost is greater than the marginal revenue product of a resource, the producer can increase profits by laying off some units of the resource

a. True b. False Indicate whether the statement is true or false