Assume you have four tickets to a U2 concert. You decide to sell each of them separately on an auction site such as eBay. Your auctions represent
A) price differentiation.
B) perfect price discrimination amongst those who bid for your tickets.
C) perfect price discrimination amongst all people who buy tickets for the concert.
D) an illegal act, subject to state and federal prosecution.
B
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The aggregate demand curve would shift to the right as a result of
A) a decrease in the U.S. real interest rate. B) tax increases. C) a decrease in the amount of money in circulation. D) a drop in the price level.
An example of a quota that protects an American industry is the quota on
a. tourists entering the country. b. sugar imports. c. sales of oil products to foreign countries. d. purchases of military hardware to foreign dictators. e. All of the above are examples of protective quotas.
Suppose you own a small business. Last month, your total revenue was $6,000. In addition, you paid: $1,000 in monthly rent for office space,$200 in monthly rent for equipment,$3,000 to your workers in wages for the month, and$1,000 for the supplies you used that month. If you correctly determine that your economic profit last month was negative $200, then it must be true that:
A. your implicit costs are $200 per month. B. you do not have any implicit costs. C. the rent you pay on your equipment is an implicit cost. D. your implicit costs are $1,000 per month.
Explain how a decrease in the interest rate will affect investment.
What will be an ideal response?