Do the costs of social regulation outweigh the benefits?
What will be an ideal response?
Whether the costs of social regulation outweigh the benefits is difficult to determine because it is easier to measure the costs than the benefits, especially when benefits result only after substantial passage of time. It is not easy, for example, to measure the benefits of less discrimination in the workplace, the value of a cleaner environment, or the production of safer products. The discussion of costs and benefits also needs to be considered on a case-by-case or industry-by-industry basis. The question is not one of whether or not to have social regulation, but how much regulation is needed. That issue often means that ideology about the proper size and scope of government drives the debate more than the costs and benefits of a decision.
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In the above figure, if the price is P1 and the firm produced Q3, the firm's economic profit is ________ than if it produced Q1 and ________ than if it produced Q2
A) less; less B) less; more C) more; less D) more; more
Refer to Figure 23-1. If the economy is at point J, what will happen?
A) Inventories have fallen below their desired level, and firms increase production. B) Inventories have risen above their desired level, and firms increase production. C) Inventories have risen above their desired level, and firms decrease production. D) Inventories have fallen below their desired level, and firms decrease production.