34) 34) After deregulation of the airline and trucking industries, there was a A

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34) 34) After deregulation of the airline and trucking industries, there was a A) decrease in the prices they charged. C) Increase In the prices they charged. B) increase in their profits. D) Both answers B and C are correct. 35) 35) market? C) wheat D) postage stamps A) gold B) fast food 36) 36) A group of firms that has entered into a collusive agreement to restrict output and increase prices and profits is called C) a cartel. D) a duopoly A) a compliance B) an oligopoly. 37) An example of a negative production externality is A) an increase in the number of tourists in a small town when a real estate developer builds a shopping mall nearby B) the noise from the party next door that keeps you awake when you want to sleep C) the protection that results when the neighbors get a watchdog D) a traffic jam that occurs when a new shopping mall is built on an already busy road. 38) The cost of producing an adional unit of a good or service that is paid by the producer of that36) good or service is the marginal A) private cost. C) social cost. B) external cost D) None of the above answers is correct. 39) The cost of producing an additional unit of a good or service that is borne by the producer of that 39) good or service is called the A) marginal private cost C) marginal social cost. B) marginal external cost. D) None of the above answers is correct. 40) During the life of a copyright 40) A) consumer surplus is maximized. B) others may freely use the copyrighted material. C) the economic profit of the copyright's owner will be driven to zero D) the owner of the copyright is a monopolist. 41) If Pearl is a risk averse, then 41) A) she will not buy insurance 8) she does not have diminishing marginal utility of wealth C) risk is costly to her O) expected utility has nothing to do with her choices 42) An example of a positive externality is 42) A) a traffic jam that occurs when other drivers are rubber-necking a traffic accident. B) a traffic jam that occurs when the town builds a new high school on the main road. C) the protection that results when the neighbors get a watchdog. D) None of the above answers is correct

Explanation / Answer

34. A) decrease in prices they charged.

As it now there were more number of flights, as free market was created due to deregulation.

35. Fast food.

36. A cartel.

cartel is known as a group of firms that has entered into a collusive agreement to restrict output and increase prices and profits

37.D) a traffic jam that occurs when a new shopping mall os built on an already busy road.

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