Social regulations come about because of
A) market failure
B) government failure
C) changes in the social contract
D) rent-seeking by bureaucrats.
QUESTION 2Currently, the supply curve for human organs is perfectly inelastic.
a. True
b. False
Indicate whether the statement is true or false
QUESTION 3Which of the following events will cause a downward movement along the value of marginal product of labor curve?
a. An increase in wage rate
b. An increase in price of the product
c. A decrease in wage rate
d. A decrease in price of the product
QUESTION 4Examples of agency addressing social regulation include.
A) OSHA
B) EPA
C) FDA
D) all of these choices
QUESTION 5Shortages prevail in the market for organ transplants at zero price.
a. True
b. False
Indicate whether the statement is true or false
QUESTION 6A competitive firm produces notebooks which sell in the market at 2 each. The firm hires 40 workers. If the market price of the notebooks increases to 3.5 each, which of the following statements is true?
a. The firm's labor demand curve will become flatter.
b. The firm's labor demand curve will shift outward parallel to itself.
c. The firm's labor demand curve will shift outward parallel to itself.
d. The firm's labor demand curve will become steeper.
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