Under the right conditions, when an online retailer with monopolistic power charges higher prices every Thursday because it knows Thursday shoppers are usually higher earners than other shoppers, it is practicing ______.
a. bundling
b. collusion
c. price discrimination
d. predatory pricing
c. price discrimination
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Which of the following will increase a perfectly competitive seller's short-run supply and shift the firm's short-run supply curve rightward?
A) an increase in the market price B) a decrease in average fixed costs C) a decrease in marginal cost D) Both answers A and B are correct. E) Both answers A and C are correct.
Why is the profitability of firms under perfect competition different when they have non-identical cost structures in comparison to identical cost structures?
What will be an ideal response?
The figure above shows short-run cost curves for a perfectly competitive firm. If the price of the product is $8 and the firm does not shut down, the firm's output in the short run
A) will be 0. B) will be between 0 and 10. C) will be 10 or higher. D) cannot be determined without more information.
Because a monopsony must raise the wage on all labor hired in order to hire more labor,
A) the MCL curve is horizontal at the market wage. B) the MCL curve is negatively sloped. C) MCL = W. D) MCL > W.