John has just tried on the most comfortable pair of pants that he has ever known. The pants are a(n)
A) experience good.
B) credence good.
C) logo good.
D) information good.
A
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Which of the following statements about price discrimination is false?
A) Price discrimination is a method for a seller to capture some consumer surplus. B) Compared to a single-price monopoly, the number of units sold increases when a monopoly price discriminates. C) Charging less for a second pizza that is identical to the first is an example of price discrimination. D) Price discrimination increases a monopoly's profit. E) All forms of price discrimination are illegal.
As actual output falls below the potential level in the short run, which of the following is most likely to occur? a. More resources will become unemployed. b. The price level will increase
c. Real GDP will increase. d. Nominal GDP will remain constant. e. The natural rate of unemployment will fall.
If a firm is experiencing constant returns to scale
a. long-run average total cost neither rises nor falls as production increases b. average fixed cost is zero c. the increase in average variable cost is exactly offset by a decrease in average fixed cost d. the decrease in average variable cost is exactly offset by an increase in average fixed cost e. long-run average total cost is zero.
Given upward-sloping supply curve, all other things remaining constant, a decrease in demand will lead to a(n) _____
A) increase in supply. B) decrease in supply. C) increase in quantity supplied. D) increase in the equilibrium price. E) decrease in the equilibrium price.