In a competitive market equilibrium:
A) social surplus is minimized.
B) all the gains from trade are not realized.
C) there is Pareto efficiency.
D) all the firms earn positive economic profits.
Question 2
Government licensing of occupations or trades
A) has usually been created over the objections of sellers in the licensed industry.
B) is more often supported than opposed by the persons and firms to be regulated.
C) is usually supported by legislators because they want to protect consumers against inferior-quality products.
D) will not reduce competition if it merely imposes higher costs on potential entrants into the occupation or trade.
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