One difference between economic and social regulation is that economic regulation usually pertains to a specific industry, whereas social regulation applies to most if not all industries

With the increased usage of cell phone services, what has happened to the price elasticity of demand for land-line telephone services?

A) The absolute value of the price elasticity coefficient has probably gone down. B) It has become more price inelastic. C) It has become more income elastic. D) It has become more price elastic.

Figure 2-7

Which of the following could explain the shift in the production possibilities frontier from AB to AC in ?
a.
a productive improvement in petroleum production that has no effect on clothing production
b.
a productive improvement in clothing production that has no effect on petroleum production
c.
an increase in the size of the labor force that can produce either petroleum products or clothing
d.
oil drilling in Alaska is ended in order to protect the environment
e.
major oil reserves are discovered off the coast of Africa