Which of the following would be considered a developed country?

Some of the nation's best minds are occupied with devising schemes to avoid taxes and to transfer income to favored groups at the expense of market efficiency. These activities are called

a. rational ignorance b. choice of the cyclical majority c. rent seeking d. competing interest legislation e. a zero-sum game

If a regulatory board wanted to make sure that a natural monopoly earned a normal rate of return, it should set price which is equal to: a. marginal cost

b. average fixed cost. c. average variable cost. d. average total cost.