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Chris M.
Chris M., M.S.W. Social Work
Category: Homework
Satisfied Customers: 2480
Experience:  Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
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1. Which of the following occurs if firms are able to restrict

Resolved Question:

1. Which of the following occurs if firms are able to restrict output and raise price? (Points: 1)
resources are misallocated
wealth is shifted from consumers to government
wealth is shifted from producers to consumers
P = MC


2. Production by a monopoly would result in the socially optimal allocation of resources if (Points: 1)
price is set equal to marginal cost
marginal revenue is set equal to price
marginal revenue is set equal to marginal cost
price is set equal to average total cost


3. If firms accused of antitrust violations sign a consent decree, they have (Points: 1)
admitted guilt and accept the lawful penalties
admitted guilt, but are relieved of any penalties by agreeing to cease the violations
agreed to cease the alleged wrongdoing, without admitting guilt
denied the accusation and requested a formal hearing or trial


4. Generally, people are more satisfied with private market outcomes than with public voting outcomes because (Points: 1)
each consumer in the private market can choose the quantity he or she desires
most people are near the median
the prices are lower
markets are involuntary


5. Rationality implies that in order to get what they want, people will spend the most time and effort (Points: 1)
making private market decisions
getting politically involved
investigating political candidates' platforms
debating social issues


6. Special-interest groups have little incentive to (Points: 1)
earn profits
redistribute wealth
lobby Congress
make the economy more efficient


7. Property rights can be defined and enforced (Points: 1)
only by the government
only through constant renegotiation
by government, by informal social actions, and by ethical norms
by the government and by ethical norms


8. At the market output and price for a good whose production causes pollution, (Points: 1)
pollution is eliminated
the marginal social cost of production exceeds the marginal social benefit of production
the private cost of production equals the private benefit of production
the marginal social benefit of production equals the marginal social cost of production


9. When a citizens' group opposes expansion of the prison located in town, the basis of the opposition is that the larger prison will produce (Points: 1)
a negative externality for the community
a positive externality for the community
more jobs in the community
tax revenue for the community


10. If education creates positive externalities, (Points: 1)
private markets provide less than the socially optimal quantity of education
private markets provide more than the socially optimal quantity of education
the marginal private benefit curve is higher than the marginal social benefit curve
the marginal private cost curve is higher than the marginal social cost curve
Submitted: 3 years ago.
Category: Homework
Expert:  Chris M. replied 3 years ago.
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Chris M., M.S.W. Social Work
Category: Homework
Satisfied Customers: 2480
Experience: Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
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