Price discrimination reveals
A) the inherent greed of Western culture.
B) the inability for regulators to stop unethical practices.
C) that individuals have different willingness to pay.
D) that individuals have the same willingness to pay.
C
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An industry in which an increase in industry output is accompanied by an increase in long-run per-unit costs is a(n)
A) increasing-cost industry. B) constant-cost industry. C) break-even cost industry. D) decreasing-cost industry.
Fixed prices in a free-market economy can increase efficiency.
Answer the following statement true (T) or false (F)
Define profit
Suppose the federal government provides wheat farmers with an effective price floor, or a guaranteed minimum price. Which of the following is likely to be true?
a. The price floor set by the government is higher than the equilibrium price. b. It will increase economic welfare. c. It will cause an excess demand for wheat in the market. d. The market is likely to remain in equilibrium even after the price floor is imposed.