Disposable income is
What will be an ideal response?
income minus taxes.
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Which of the following is not a legal barrier to entry in a monopolized market?
a. A patent. b. An exclusive franchise. c. Decreasing average cost. d. An exclusive license.
Necessary conditions for price discrimination include: a. identical tastes among buyers
b. differences in willingness to pay among customers. c. easy resale. d. both (b) and (c)
When consumers or businessmen stop collecting information to make decisions at the point where marginal cost of data collection equals the marginal utility of the data, economists would call the decisions based on existing data
A. perfect decisions. B. optimally imperfect decisions. C. joint decisions. D. rent seeking.
Which of the following best represents the effects of a decrease in the price of tomato juice, other things being equal?
A. An upward movement along the demand curve for tomato juice. B. A downward movement along the demand curve for tomato juice. C. A rightward shift in the demand curve for tomato juice. D. A leftward shift in the demand curve for tomato juice.