While GDP includes tangible goods such as books and bug spray, it excludes intangible services such as the services provided by teachers and exterminators

There is no deadweight loss if the regulatory rule for a natural monopoly

A) is an average cost pricing rule. B) sets price at a level that enables the regulated firm to earn a specified rate of return on its capital. C) is a marginal cost pricing rule. D) prevents the firm from engaging in any form of price discrimination.

Workers in Adam Smith's famous pin factory example, who were proficient in pin production, then faced the problem of

a. too many different tasks. b. becoming bored with their jobs. c. having to exchange pins for other goods and services. d. not having enough pins to purchase other goods and services.