If the supply and demand curves cross at a quantity of 100, then the price necessary to get firms to sell more than that will have to be ________ equilibrium.
A. within 10% either way of
B. above
C. at
D. below
Answer: B
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Which of the following is part of the cost of income transfers?
A) Tax-collecting agencies cost money to administer. B) Taxing incomes encourages people to work harder. C) Income transfers make the results more unfair. D) Income transfers increase the size of the economic pie. E) Income transfers are a similar to allocating resources using a lottery.
Economic regulation of business is justified if, by intervening, government can
a. improve the allocation of resources in society b. create economic rents for special interest groups c. reduce output and increase prices for an industry d. increase tax revenue from the regulated industry e. force firms to increase their costs of production