Price discrimination will occur whenever a firm faces a downward-sloping demand curve
a. True
b. False
B
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The buyer will pay the entire tax levied on a good when the demand for the good is ________ or when the supply of the good is ________
A) perfectly elastic; perfectly inelastic B) perfectly elastic; perfectly elastic C) perfectly inelastic; perfectly inelastic D) perfectly inelastic; perfectly elastic E) unit elastic; unit elastic
The CPI is the average price of all goods and services produced within the economy
Indicate whether the statement is true or false
Producer surplus is the difference between the highest price a firm is willing to accept for a product and the price it actually receives for the product
Indicate whether the statement is true or false
Exhibit 2-2 Production possibilities curve
In Exhibit 2-2, the opportunity cost of coffee when moving from A to B is:
A. 2 million bushels of corn. B. 6 million bushels of corn. C. 8 million bushels of corn. D. 14 million bushels of corn.