Fixing a payment schedule in an agreement:
a. allows the seller to easily access loanable funds.
b. increases the uncertainty associated with the cost of production.
c. allows the seller to charge a high price for his product.
d. ensures the delivery of goods at a high price.
A
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A private cost is a cost of production that is borne by the
A) consumer of the good. B) producer of the good. C) government. D) consumer of the good and the government.
A supply curve reveals:
A) the quantity of output consumers are willing to purchase at each possible market price. B) the difference between quantity demanded and quantity supplied at each price. C) the maximum level of output an industry can produce, regardless of price. D) the quantity of output that producers are willing to produce and sell at each possible market price.
A monopolist that charges different prices to different buyers based on their elasticizes of demand is practicing
a. first degree price discrimination. b. second degree price discrimination. c. third degree price discrimination. d. predatory pricing.
Which of the following is TRUE in perfect competition at long-run equilibrium?
A) P = ATC = MC = MR B) ATC is minimized. C) Economic profit is $0. D) all of the above