Why would we be likely to observe dentists engaging in price discrimination?
a. Dental care is expensive.
b. All dentists are basically alike.
c. It is very important to exercise care in choosing a dentist.
d. It is nearly impossible to resell the services of a dentist.
e. The demand for dentists is very inelastic.
D
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Susan works 60 hours a week while Rachel works 20 hours because she is unable to find full-time work. Which of the following statements is true?
a. Susan is likely to work for an extra hour without a pay hike. b. Rachel is unlikely to give up another hour's leisure without a pay hike. c. Susan's opportunity cost of leisure is likely to be lower than Rachel's. d. Susan is unlikely to give up another hour's leisure without a pay hike.
In a market system, the most dangerous types of bankruptcies involve
a. industrial monopolies. b. multinational firms. c. employment agencies. d. financial institutions.
Which of the following is the best definition of autonomous in the phrase “the autonomous factors that influence consumption?”
a. independent of income b. independent of inflation c. self-correcting d. self-aware
Efficiency is measured on the ___________ curve.
A. ATC B. AVC C. MC D. demand