Which of the following is not a social insurance program?
A. TANF (Temporary Assistance for Needy Families).
B. Medicaid.
C. Supplemental Security Income.
D. Unemployment compensation.
Answer: A
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Which of the following average cost functions suggests the presence of a natural monopoly?
A) AC = 2 B) AC = 100/Q + 2 C) TC = 100/Q + 2Q D) All of the above.
To practice third-degree price discrimination, each of these market conditions must be met except which one?
A) All consumers must have the same own price elasticity of demand. B) No arbitrage opportunities can exist between customer groups. C) The firm must be able to determine in which group each customer belongs. D) The firm must have market power.
Which of the following describes the out-of-pocket costs a firm pays?
a. Revenue costs b. Explicit costs c. Economic costs d. Implicit costs
The price elasticity of demand for a good produced by a monopolist
A) equals zero as long as the good has no close substitutes. B) is always inelastic since the demand curve slopes down. C) does not equal zero because there will always be some substitutes, however imperfect they may be. D) does not equal zero because every good has at least one good substitute for it.