All of the following might explain a firm offering quantity discounts except:
a. the lower costs of handling large orders.
b. an inelastic demand for the good.
c. a monopoly power in this market.
d. the adoption of a sales maximization strategy.
b
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Suppose Chris is a potter who makes mugs. His total costs depend on the number of mugs he makes each day, as shown in the table below.Number ofMugs Per DayTotal CostPer Day0$101$142$193$254$325$406$49The marginal cost if the 4th mug per day is ________.
A. $7 B. $5 C. $8 D. $32
Which statement is true?
A. There was a great deal of stagflation in the 1970s. B. We had the worst recession since World War II in the late 2000s. C. We have had twelve recessions since January, 1945. D. All of the choices are true.
Classify the following goods as private goods, common pool resources, club goods, or public goods
a. Health insurance b. Radio spectrum c. A video on YouTube d. A mosquito control program in a city e. A library's collection of e-books
A monopsonist that wants to hire more labor must pay more for the new labor than it is currently paying and increase the wage rate of all existing employees because
A) the demand curve for labor is inelastic. B) of labor unions. C) the supply of labor is upward sloping. D) of competition in the labor market.