Related to the Economics in Practice on p. 294: In the price-fixing case against the Taiwanese firm AU Optronics, the DOJ claimed that the price fixing resulted in ________ paying more for products with LCD screens.
A. government agencies
B. businesses
C. consumers
D. All of the above are correct.
Answer: D
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Universities tend to set tuition high and then, through financial aid, effectively charge each student a different price for education. Financial aid statements allow the university to determine the student's financial status and set an appropriate price to charge the student. This situation is an example of
a. first-degree price discrimination. b. second-degree price discrimination. c. third-degree price discrimination. d. a two-part tariff.
Which of the following is the best example of a tariff?
A) a $5,000 per-car fee imposed on all sports utility vehicles imported into the United States B) a limit imposed on the number of sports utility vehicles that the United States can import from Japan C) a tax placed on all sports utility vehicles sold in the domestic market D) a subsidy granted by the U.S. government to domestic sports utility vehicle manufacturers so they can compete more effectively with foreign sports utility vehicle manufacturers
Refer to the figures below. We begin in equilibrium with wages We in both the Unionized and Non unionized Labor Markets. Now suppose a Union Wage of Wu is achieved in the Unionized Labor Market. This will cause
a. fewer job opportunities in the Unionized Labor Market.
b. an increase in the supply of workers looking for employment in the Non unionized Labor Market.
c. lower wages to be earned in the Nonunionized Labor Market.
d. All of the above.
When will a profit-maximizing firm shut down?
a. when ATC x q is more than VC b. when ATC x q is less than VC c. when P x q is more than VC d. when P x q is less than VC