Firms are able to price discriminate
A) when all customers are uninformed about quality differences.
B) when no customers are uninformed about quality differences.
C) when some customers are uninformed about quality differences.
D) when there is full information about quality available to all customers.
C
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The founding document of the European Economic Community, and the document that continues to provide the basis for the European Union is the
A) Treaty of Brussels. B) Delors Report. C) Treaty of Rome. D) Single European Treaty. E) Maastricht Treaty.
Milton Friedman's theory of the demand for money
A) is similar to Tobin's portfolio approach to the demand for money. B) includes permanent income as one of the significant variables. C) includes the yields on competing nonmonetary assets. D) All of the above.
The marginal revenue product of a resource is:
A. the marginal product of the resource divided by the price of the product it helps to produce. B. the price of the product times the price of the resource. C. larger when the product price is larger. D. larger when the marginal product is smaller.
The physical and mental effort people use to produce goods and services is a description of which factor of production?
A. physical capital B. human capital C. labor D. entrepreneurship