The primary explanation for why a regulatory commission may protect the monopoly it is supposed to regulate is that the commission members
a. regularly receive gifts and bribes
b. are incompetent
c. are experts sympathetic to industry management
d. work to increase industry competition
e. are directly accountable to the public
C
Economics
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The level of real GDP the economy produces at full employment is called
A) sustainable GDP. B) nominal GDP. C) potential GDP. D) maximum GDP. E) Lucas GDP.
Economics
The capture theory of regulation implies that
A) regulations promote the attainment of efficiency. B) regulations promote the attainment of economic profit. C) public officials favor voters over producers. D) the demand for regulation is less elastic than the supply.
Economics