Monopolists attempt to capture producer surplus in the form of profits by using price discrimination.
Answer the following statement true (T) or false (F)
False
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The cost of production on the "bottom forty" is $100,000 for a given size crop. On the "north forty," due to erosion of the soil, the cost is $150,000 . If both are being farmed by tenants, we would expect the rent on the "bottom forty" to be
a. $50,000 below the rent on the north forty. b. $50,000 above the rent on the north forty. c. different from that on the north forty by an indeterminable amount. d. $50,000 . and the rent on the north forty is $50,000.
Which of the following is a determinant of market supply?
A. Consumers' income. B. Consumer expectations. C. Available technology. D. Consumers' desire for the good.
If inflation is highly volatile:
A. mortgage contracts will likely be less complicated. B. mortgage contracts will likely be more complicated. C. there will be no mortgage contracts. D. there will be no effect on mortgage contracts.
The crisis reflects a major intellectual failure of macroeconomics to understand the macroeconomic importance of
A) financial system. B) growth. C) unemployment. D) inflation.