A newly acquired microwave oven and a food processor will increase Chuck's productivity in the kitchen. Accordingly, he will
a. cook more and eat out less
b. cook less and eat out more
c. buy more ready-to-eat foods
d. be more likely to hire a cook
e. increase the quality of what he cooks but may or may not cook more
A
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The deadweight loss represents the sum of additional consumer and producer surplus should the firm produce the quantity where P = MC rather than where MR = MC
What will be an ideal response?
When U.S. house prices began to fall in 2007:
A. most people negotiated lower mortgage rates, so few were forced to sell their houses. B. banks made it difficult for homeowners to negotiate higher mortgage rates, which led to a decrease in the supply of houses. C. many Americans were forced to sell their homes because they could no longer take out loans against the rising value of their houses. D. the demand for affordable housing increased, leading house prices to stabilize.
In the prisoners' dilemma game, each player ________
A. consults the other player to determine his best action B. chooses the best outcome for the other player C. chooses the best outcome for himself D. chooses the best outcome for both players together
Unlike perfect price discrimination, group price discrimination does NOT require
A) firms to have market power. B) the ability to distinguish between groups with different reservation prices. C) the ability to limit or prevent resale. D) None of the above.