A firm will practice price discrimination when it believes that by doing so it will be able to increase total
A) sales.
B) revenue.
C) profits.
D) production.
Answer: C
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Refer to the figure above. What is the market-wide consumer surplus when the market price of wine is $18?
A) $36,000 B) $3,000 C) $45,000 D) $210,000
The amount of a tax paid by the sellers will be smaller the more ________ the demand and the more ________ the supply
A) elastic; inelastic B) inelastic; elastic C) inelastic; inelastic D) elastic; elastic
Which of the following about Social Security is true?
a. The regressive nature of the Social Security benefit formula works to the disadvantage of blacks and other groups with below-average earnings. b. Social Security works to the disadvantage of blacks and other groups with below-average life expectancy. c. Blacks derive a higher rate of return from their Social Security taxes than whites. d. Hispanics derive a lower rate of return from their Social Security taxes than both whites and blacks.
A nation's comparative advantage is determined by
A. the total cost of production. B. the quantity of resources required to produce a unit of output. C. the opportunity cost of producing an item relative to a trading partner's opportunity cost of producing the same item. D. specialization in the production of all goods.