The Federal Trade Commission was created by Congress as an expert body to
A) help small businesses compete by offering technical advice and assistance.
B) help small businesses compete by providing low-interest start-up loans.
C) prevent insider trading.
D) promote competition by preventing trade practices held to be unfair.
E) regulate prices on spot and futures markets.
D
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The outcome of regulating a natural monopoly using the marginal cost pricing rule is
A) that the firm makes a normal profit. B) that the firm maximizes its profit. C) that consumer surplus is less than what it would be if the firm maximized its profit. D) an efficient level of production. E) that the firm makes an economic profit.
Ann Trepreneur was formerly a landlord, renting her building for $1,200 a month. She now uses her building for her own florist shop. Pick the true statement
A) The building costs Ann $1,200 per month. B) Ann incurs no opportunity cost on the building. C) Ann uses the building as a free good. D) None of the above is true.