Because low tariffs have a high ratio of benefits to costs, they are an especially efficient way for nations to achieve full employment and growth

Economists often find it worthwhile to make assumptions that do not necessarily describe the real world

a. True b. False Indicate whether the statement is true or false

In regulating a natural monopoly, the price strategy that ensures the highest possible output and zero profit is one that sets price

A) equal to average total cost where it intersects the demand curve. B) equal to marginal cost where it intersects the demand curve. C) equal to average variable cost where it intersects the demand curve. D) corresponding to the demand curve where marginal revenue equals zero.