A key for a monopoly that wants to practice price discrimination is to be able to control the resale of its product
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to Figure 7.1. Angus values playing the bagpipes at
A) $100. B) $250. C) $350. D) $700.
If average cost is falling, then marginal cost must be less than average cost.
Answer the following statement true (T) or false (F)
Seasonal unemployment
a. is short-term joblessness experienced by those entering the labor market for the first time b. arises from a mismatch between available jobs and workers' skills or geographic location c. is joblessness affecting people such as construction workers, farm workers and retail sales clerks after the Christmas shopping season d. is joblessness resulting from business cycle movements e. does not exist when the economy is at full employment
Does a real-world market have to meet all the assumptions of the theory of perfect competition before it is considered a perfectly competitive market?
A) No, probably no real-world market meets all the assumptions of the theory of perfect competition. All that is necessary is that a real-world market behave as if it satisfies all the assumptions. B) Yes, if a real-world market does not meet the assumptions, then it cannot be considered a perfectly competitive market. C) Yes, unless it is a new market such as the computer market. New markets are not held to the same assumptions as old, more established markets. D) No, but it does have to meet the assumption of producing and selling a homogeneous product. It does not have to fully meet the other assumptions.