"Today the U.S. telecommunications industry remains heavily regulated by the government as it was some 30 years ago." Do you agree or disagree? Why?
What will be an ideal response?
Disagree. The telecommunications industry today is far from a natural monopoly as it was some 30 years ago, because consumers have increasingly substituted cellular and Web-based phone services for the traditional wired phone services. In addition, multiple wired-service operators compete today in many locales. All these factors make the U.S. telecommunications industry more competitive today.
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In the figure above, with the tariff the United States imports ________ million shirts per year
A) 24 B) 8 C) 32 D) 16
If the price of doughnuts decreases, then one would expect the:
A. quantity of doughnuts supplied to increase. B. supply of doughnuts to decrease. C. supply of doughnuts to increase. D. quantity of doughnuts supplied to decrease.