It is perfectly legitimate for the United States to pass laws requiring that all food products or cars sold in the United States meet certain safety standards approved by the United States government as long as they have some ___________ basis.

In the figure above, the deadweight loss is

A) $4,000 an hour. B) $2,000 an hour. C) $1,000 an hour. D) $5,000 an hour. E) zero.

Consideration of the minimum efficient scale of operation would suggest that, to minimize production costs, the market should be served by a large number of small firms when the LRAC curve slopes downward over the relevant range of output

Indicate whether the statement is true or false