Monopolists are able to price discriminate because
A) of differing willingness to pay among consumers.
B) of differing price elasticities of supply.
C) they have constant marginal cost.
D) they have constant average cost.
A
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
The measurement system used by the U.S. government to estimate national income is
A) the sum of financial transactions, transfer payments and secondhand goods. B) the sum of consumption plus investment expenditures. C) national income accounting. D) the GDP deflator.
Explain how a price floor set above the equilibrium market price for a good can cause a surplus of that good
What will be an ideal response?
What is the major difference between the classical model and the Keynesian model? Explain
What will be an ideal response?