In a closed economy, the goods market is in equilibrium when

When institutions do not protect private property rights, do not uphold contracts, interfere with the working of markets and instead erect significant barriers into businesses and occupations, they are referred to as:

A) transitive economic institutions. B) extractive economic institutions. C) inclusive economic institutions. D) exclusive economic institutions.

A fair price for a regulated monopoly is for the regulatory commission to set price equal to

a. marginal cost b. marginal revenue c. economic profit d. average total cost e. normal profit