Second-degree price discrimination allows firms to do all of the following except which one?
A) receive a higher price for the last units sold
B) sell more units
C) change some of the consumer surplus into profit
D) receive a higher price of the first units sold
A) receive a higher price for the last units sold
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Which of the following is an example of commodity money?
a. Rare baseball cards b. Euros c. Stocks d. The gold standard
A market failure that causes overconsumption of a product because the sellers know something negative about a product that the buyers do not know is called
A. imperfect information. B. collusion. C. regulatory capture. D. deadweight loss.
A decrease in the value of the dollar relative to foreign currencies would _____ the supply of foreign products in the U.S. and _____ the demand for U.S. products in other countries.
A. increase; increase B. increase; decrease C. decrease; increase D. decrease; decrease
You own a building that has four possible uses: a tailor shop, a pharmacy, a sports bar, and an antique mall. The building's value in each use is $4,000; $6,000; $8,000; and $10,000, respectively. You decide to open a sports bar. The opportunity cost of using this building for a sports bar is
A. $4,000, the value if the building is used as a tailor shop. B. $20,000, the sum of the values if the building is used for a tailor shop, a pharmacy, or an antique mall. C. $6,000, the value if the building is used as a pharmacy. D. $10,000, the value if you rented the building to someone else to use as an antique mall.