Perfect price discrimination
a. is a common occurrence in situations with many buyers.
b. occurs fairly often in situations with only a few buyers.
c. is only observed in competitive markets.
d. rarely occurs because firms do not have sufficient power to differentiate among specific buyers.
d
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From an economic perspective, when consumers leave a fast-food restaurant because the lines to be served are too long, they have concluded that the
A. marginal cost of waiting is less than the marginal benefit of being served. B. management is making an assumption that other things are equal. C. marginal cost of waiting is greater than the marginal benefit of being served. D. management is exhibiting irrational behavior by not maximizing profits.
Which account of the balance of payments is most likely to be directly affected by a rise in the real risk-free interest rate in a foreign country?
a. Current international transactions b. Net nonreserve-related international borrowing/lending c. Official reserve-related (central bank) transactions d. None.
Well-defined and actively-enforced private property rights are necessary to the efficient operation of markets work because they prove that a person
a. owns what he or she is selling b. has the right to buy c. will make a profit d. will satisfy his or her wants
The following payoff matrix shows the outcomes for the United States and Russia from relying on conventional weapons versus atomic weapons in a military conflict. The percentages refer to the fraction of the population that would die.
The Nash equilibrium outcome of this game is for:
A. both countries to have conventional weapons. B. both countries to have atomic weapons. C. the U.S. to have atomic weapons and Russia to have conventional weapons. D. Russia to have atomic weapons and the U.S. to have conventional weapons.