If a firm charges each consumer the absolute maximum price that he or she is willing to pay, the firm is practicing
a. perfect price discrimination.
b. marginal revenue pricing.
c. price discrimination.
d. monopoly pricing.
A
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Sarah consumes pizzas and hamburgers. The price of a hamburger is $1 and the marginal utility from her last hamburger is 5. Let Pp be the price of a pizza and MUp be the marginal utility of pizzas
In consumer equilibrium, the ratio MUp/Pp for Sarah's last pizza must equal A) 0.2. B) 1.0. C) 5.0. D) infinity.
Constant returns to scale cause the long-run average cost curve to be:
a. horizontal. b. vertical. c. upward-sloping. d. downward-sloping.
Which component(s) of U.S. real GDP decreased in size relative to total U.S. real GDP from 1950 to 2000?
A. Only services. B. Only manufacturing. C. Agriculture and manufacturing. D. Only agriculture.
Consider the above parallel demand curves. Which curve is relatively more elastic at P1?
A. AA B. BB C. Cannot be determined D. Both have the same slope; therefore, both have the same elasticity.