Applied research:
a. is designed to answer particular questions.
b. is more open-ended than basic research.
c. contributes less to visible output changes than does basic research.
d. is research done by a firm to market a good.
e. is research done by a firm during the production of a good.
Question 2
Economic regulation occurs when:
a. monopoly is the optimal market structure
b. the industry is highly competitive
c. the product is important to economic welfare
d. the government owns the assets of the industry
e. the product price, if left unregulated, would be too low
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