A firm's objective behind charging different prices to different consumers for the same good is to:
A) enhance goodwill.
B) enhance its profits.
C) enhance social surplus.
D) enhance its market power.
B
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The value of marginal product equals ________ multiplied by ________
A) the good's market price; marginal cost B) the good's market price; marginal product C) marginal cost; marginal product D) marginal revenue; total product
To affect the market outcome, a price ceiling
A) must be set below the equilibrium price. B) must be set below the legal price. C) must be set below the price floor. D) must be set below the black market price.
Which of the following statements is TRUE?
A) An increase in the price of gasoline will decrease the demand for gasoline. B) An increase in the price of gasoline will increase the quantity demanded of gasoline. C) An increase in the price of gasoline will increase the supply of gasoline. D) An increase in the price of gasoline will increase the quantity supplied of gasoline.
A decrease in the marginal factor cost of labor will
A. lead to an decrease in the quantity demanded of labor. B. cause the value of the marginal product of labor to decrease. C. induce a firm to hire more workers. D. induce a firm to hire fewer workers.