When government regulations force a natural monopoly to produce where price equals average total cost, social welfare is
a. maximized
b. less than it would be without regulation
c. greater than it would be without regulation, but it is not maximized
d. exactly the same as it would be without regulation
e. minimized
C
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An increase in the equilibrium quantity of a product will result
A) when there is an decrease in demand and a decrease in the cost of inputs used to make the product. B) when there is an increase in supply and an increase in demand for the product. C) when the quantity of the product supplied exceeds the quantity demanded. D) when there is an increase in supply and a decrease in demand for the product.
A(n) __________ is a standardized agreement that calls for the delivery of a specific underlying commodity or security at some future date at a currently agreed-upon price
A) option contract B) swap C) futures contract D) forward contract