Which one of the following is an example of a normative statement?
A) A smart phone costs more than a laptop computer.
B) Most smart phones sold in the United States are imported from other countries.
C) Every student in college should have a smart phone.
D) More people will buy smart phones as their prices decline.
Answer: C
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Who are the major participants in the foreign exchange market?
What will be an ideal response?
Average fixed cost:
a. remains unchanged as output expands b. is defined as the change in total cost divided by the change in output. c. always increases as output increases. d. always decreases as output expands.
Advertising never makes sense for an oligopolistic firm.
Answer the following statement true (T) or false (F)
A monopolist engages in price discrimination
A) by charging a higher price to consumers whose demand is more inelastic. B) by charging a lower price when marginal cost is higher. C) by charging a lower price to consumers whose demand is more inelastic. D) by charging the same price to all consumers.