Which of the following is NOT necessary for a firm to engage in price discrimination?
A) The firm must be able to identify different types of buyers.
B) The firm must be able to separate buyers by preventing resales from one customer to another.
C) The firm must produce output for different buyers at different costs.
D) The firm must sell a product that cannot be resold.
C
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Shoe leather costs include the ________ due to the more frequent trips to the bank, the new cash management systems and the expanded employment in banks that inflation causes.
A. deflating and indexing that are necessary B. redistribution that occur C. time and effort that are used up D. substitution and price adjustment biases that arise
Which of the following is TRUE about public goods?
A) Consumption is rival and nonexcludable. B) Consumption is nonrival and excludable. C) Efficient provision occurs at the level of output at which total benefit is equal to total cost. D) Unregulated private markets produce less than the efficient quantity of a public good.
Which resource generates the largest share of the income in the United States?
a. labor b. land c. capital d. entrepreneurial ability e. money
When the housing bubble popped, the effect of the negative demand side shock and the negative supply side shock were the same on:
A. output, causing it to definitely decrease. B. prices, causing them to definitely rise. C. output, causing it to definitely increase. D. prices, causing them to definitely fall.