According to Hughes and Cain (2011), all of the following have been primary motives throughout American history for government regulation except
(a) the existence of monopoly power
(b) quality control of products and services
(c) funding of government activities through taxation
(d) raising wages and improving working conditions
(a)
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For a single-price monopoly,
A) if marginal cost exceeds marginal revenue, profits will increase if output decreases. B) if marginal revenue exceeds marginal cost, profits will increase if output decreases. C) there are several different price and output combinations that maximize profit. D) marginal revenue will be greater than price if demand is elastic. E) marginal revenue will be greater than price if demand is inelastic.
The supply of movie tickets at one theater's box office for this Saturday's 4:30 show of a new movie is
A) perfectly elastic until all seats are filled. B) unit elastic. C) perfectly inelastic. D) elastic.