Consider the market for medical doctors. Suppose the opportunity cost of going to medical school increases for many individuals. Suppose it generally takes about ten years to become a practicing doctor. Holding all else constant, in ten years the equilibrium wage for doctors will

The capture theory of regulation is that regulations

A) help producers to maximize economic profits. B) mean producers suffer losses. C) result in diseconomies of scale. D) benefit society, not producers. E) benefit the regulators, not the producers or the consumers.

Some economists argue that Microsoft become a monopoly in the market for computer software by developing MS-DOS, an operating system used for the first IBM personal computers

The more people who used MS-DOS-based programs, the greater the usefulness of a using a computer with an MS-DOS operating system. The explanation for Microsoft's monopoly is A) the development of new technology that other firms could not copy. B) network externalities. C) patents Microsoft obtained when it developed the MS-DOS operating system. D) control of a key resource which, in this case, is the MS-DOS operating system.