Defenders of social regulation point out that:
A. social regulation is a better alternative than unregulated natural monopoly.
B. critics who stress the high administrative and compliance costs of social regulation
underestimate the social benefits that the regulations produce.
C. the number of regulatory agencies has declined over the past two decades.
D. social regulations reduce product prices.
Answer: B
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Which of the following are explanations for sticky prices?
a. long-term labor contracts b. fixed exchange rates c. flexible exchange rates d. fixed money supply
Refer to the Article Summary. All else equal, if countries decide to enact protectionist measures against Chinese steel imports, the price of steel in those countries will ________ and the quantity of steel demanded in those countries will ________
A) increase; increase B) increase; decrease C) decrease; decrease D) decrease; increase