A ________ can price discriminate if, in part, it ________
A) natural monopoly; is the only seller of a good or service
B) monopoly; can prevent resales of its product
C) monopoly; is the only seller of a good or service
D) perfectly competitive firm; can sell goods at a lower price than a monopoly
E) perfectly competitive firm; changes from a price taker to a price maker
B
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Can nominal GDP increase even when real GDP decreases?
A) No, it is not possible. B) Yes, but only if the price level decreases. C) Yes, but only if the price level increases. D) Yes, but only if the price level remains unchanged.
Employers in a city must pay a specific tax of $t per hour worked by their employees while employers in the suburbs of the city do not have an employment tax
What does a general equilibrium approach predict regarding the wages and employment of both the city and suburban workers if the city decides to substantially reduce their employment tax rate? A) Wages will increase in the city, but not in the suburbs, and employment will increase in both. B) Wages will increase in both the city and the suburbs, but employment will fall in both. C) Wages will increase in both the city and suburbs, employment will increase in the city, but decrease in the suburbs. D) Wages will increase in both the city and the suburbs, employment will decrease in the city, but increase in the suburbs.
According to the rational expectations theory, expansionary monetary policy is fully effective only if
a. the policy is anticipated by workers and firms. b. aggregate supply shifts to the left. c. the economy is operating at or above its potential output level. d. policy makers follow through on their previously announced plans. e. the effects of the policy are unexpected.
A ______ is a testable proposition that makes some type of prediction about behavior in response to certain changes in conditions based on our assumptions.
a. correlation b. principle c. hypothesis d. resource