The argument that suggests that regulators balance the interests of firms, consumers, and legislators is called
A) the capture hypothesis.
B) the creative response theory.
C) the share-the-gains, share-the-pains theory.
D) the theory of optimal regulation.
C
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If beef and pork are substitutes for consumers, the cross elasticity of demand between the two products must be
A) negative. B) positive. C) indeterminate. D) elastic. E) greater than 1.
Hurricane Katrina damaged a large portion of oil refining and pipeline capacity in the Gulf coast states. In the market for gasoline
A) the demand curve shifted to the left resulting in a decrease in the equilibrium price. B) the supply curve shifted to the left resulting in an increase in the equilibrium price. C) the demand curve shifted to the right resulting in an increase in the equilibrium price. D) the supply curve shifted to the right resulting in an increase in the equilibrium price.