A monopoly will NOT be able to perfectly price discriminate if
A) obtaining information about each buyer's reservation price is too costly.
B) demand is very elastic.
C) demand is very inelastic.
D) resale is impossible.
A
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Under monopolistic competition, the number of firms increases as fixed entry costs fall and as demand for the type of good produced in the market increases.
Answer the following statement true (T) or false (F)
Creative destruction refers to the process where
a. new products and methods of production are continuously replacing old ones b. producing more of one good causes you to produce less of another c. everybody involved is made worse off d. new ways to destroy buildings are employed
In 2000, the life expectancy in the U.S. was 76.9. The average life expectancy of the other 33 richest countries in the world was 79.2. Over _____ percent of the 2.3 year gap was due to external causes such as motor vehicle accidents, suicide, and homicide.
a. 10 b. 40 c. 50 d. 20 e. 30
Assume a series of forest fires reduces the supply of lumber, which is an input in the production of wooden bats. Baseballs and wooden bats are complements. If the price of wooden bats increases, we can expect the
A. Demand for baseballs to decrease. B. Supply of baseballs to decrease. C. Supply of baseballs to increase. D. Demand for baseballs to increase.