The price of on-campus parking from 8:00 AM to 5:00 PM, Monday through Friday, is $3.00. From 5:00 PM to 10:00 PM, Monday through Friday, the price is $1.00. At all other times parking is free. This is an example of
A) bundling.
B) second-degree price discrimination.
C) a two-part tariff.
D) tying.
E) none of the above
E
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Refer to the above data. If the consumer's money income were cut from $52 to $28, she would maximize her satisfaction by purchasing:
A) 3 units of J and 3 units of K. B) 1 unit of J and 3 units of K. C) 4 units of J and 1 unit of K. D) 2 units of J and 3 units of K.
The final consumer demand for chicken (normal good) in China will NOT shift if
A. consumer income decreases. B. more consumers are present in the market. C. the price of chicken decreases. D. either A or B occurs.
If an increase in the supply of a product in the market results in a decrease in price, but no change in the quantity traded, then
What will be an ideal response?
The way it is typically drawn, what does the slope of the aggregate production function imply?
A) Diminishing marginal product of labor B) Diminishing marginal product of capital C) Increasing returns to scale D) Decreasing returns to scale