What is one reason online prices might be considerably lower than brick-and-mortar prices?
A) Online retailers engage in more price discrimination.
B) Brick-and-mortar retailers engage in more price discrimination.
C) Brick-and-mortar retailers may have higher costs.
D) Online retailers are more likely to have steep demand curves.
C
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If both demand and supply rise, which of the following must be true?
a. The equilibrium quantity will rise. b. The equilibrium quantity will fall. c. The equilibrium quantity will not change. d. The change in the equilibrium quantity is indeterminate.
Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
The Earned Income Tax Credit is
A. a non-refundable tax credit. B. a very simple program that is widely understood. C. only a small program and claimed by very few households annually. D. available only to low-income families.
In monopolistic competition, profit is maximized when the amount produced is such that
A) marginal revenue equals marginal cost. B) marginal revenue is greater than marginal cost. C) total revenue equals total cost. D) total revenue is maximized.