The key idea behind price discrimination is to convert consumer surplus into
A) a barrier to entry.
B) economic profit.
C) deadweight loss.
D) monopoly power.
E) total cost.
B
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Costs that are borne solely by the individuals who incur them are
A) private costs. B) social costs. C) external costs. D) transaction costs.
One of the advantages of floating exchange rates is that:
a. consumers always know how much imported goods cost. b. businesses always know, in advance, what future exchange rates will be. c. countries are free to pursue their own macroeconomic policies without maintaining exchange rates. d. countries cannot act independently and must thus coordinate their macroeconomic policies. e. the global interest rate tends to decline to the lowest possible level.
The age distribution within the population of a country can have a considerable impact on the economy and the _____________ of living.
a. standard b. duration c. cost d. modality
Markets can be least well-defined by
a. product similarity b. location c. price elasticity d. cross-price elasticity e. degree of firm interdependence