A regulatory agency concerned with "universal service" must
a. prevent high profits in all markets.
b. prevent entry in high-profit markets.
c. prevent cross-subsidization.
d. guarantee marginal cost pricing.
b
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Alice Hanson Jones (1980) finds that private nonhuman physical wealth in New England in 1774 was 36.4 pounds sterling per capita. Thus, assuming a capital output ratio of 3:1, Jones estimates that per capita income in New England in 1774 equaled:
a. about 9 pounds sterling. b. about 12 pounds sterling. c. about 45 pounds sterling. d. about 145 pounds sterling.
According to the classical view, if consumer demand slowed down,
A. Investment and government demand would increase, and the economy would return to its long-term growth trend. B. Wages would increase, and the economy would return to its long-term growth trend. C. Prices would increase, and the economy would return to its long-term growth trend. D. Prices would decrease, and the economy would return to its long-term growth trend.