The American Bar Association administers the bar examinations that prospective lawyers must pass before being allowed to practice law. The exam system thus allows the ABA to act like a
a. monopsony.
b. union that can restrict the supply of lawyers.
c. union that can increase the number of lawyers.
d. None of the above is correct.
b
Economics
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If the marginal cost of producing every quantity decreases, all the following occur EXCEPT
A) minimum supply price does not change. B) the marginal social benefit of the last unit bought changes. C) the consumer surplus increases. D) the efficient quantity increases.
Economics
ZZL Corporation has the opportunity to undertake an investment project that will cost $20,000 today. If the interest rate is 20 percent and if the project will yield the company $30,000 in 3 years, then ZZL will undertake the project
a. True b. False Indicate whether the statement is true or false
Economics