An increase in price will increase
A. demand.
B. supply.
C. quantity demanded.
D. quantity supplied.
D. quantity supplied.
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Compared to a firm that does not statistically discriminate but has equally poor information about the true qualifications of potential employees, the firm that does statistically discriminate is likely to be less profitable rather than more
profitable. Indicate whether the statement is true or false
Market failures occur when
A) externalities exist. B) economic efficiency increases. C) there is an increase in demand. D) there is a change in quantity demanded.
Refer to Table 4-3. For whom is the good a normal good?
Table 4-3
Price | Bert’s | Ernie’s | Grover’s | Oscar’s |
$0.00 | 20 | 16 | 4 | 8 |
$0.50 | 18 | 12 | 6 | 6 |
$1.00 | 14 | 10 | 2 | 5 |
$1.50 | 12 | 8 | 0 | 4 |
$2.00 | 6 | 6 | 0 | 2 |
$2.50 | 0 | 4 | 0 | 0 |
a. This cannot be determined from the table.
b. Grover only
c. Bert only
d. Bert, Ernie, Grover, and Oscar
Profits for a monopolist can be illustrated with a graph showing:
a. marginal revenue and marginal profits. b. total revenue and marginal costs. c. marginal revenue and total profits. d. total revenues and total costs.