Which of the following is not a fungible commodity?
A. Electricity
B. Oil paintings
C. Silver
D. All of these are fungible commodities.
Answer: B
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Which of the following statements about price discrimination is correct?
A. Successful price discrimination will provide the firm with more total profits than if it did not discriminate. B. Successful price discrimination will provide the firm with lower total profits than if it did not discriminate. C. Successful price discrimination occurs when there are differences in the costs of producing for different groups of buyers. D. Successful price discrimination will generally result in a lower level of output than would be the case under a single-price pure monopoly.
Threats to in internal validity lead to
A) perfect multicollinearity B) the inability to transfer data sets into your statistical package C) failures of one or more of the least squares assumptions D) a false generalization to the population of interest
The change in output due to one unit change in labor usage, the level of usage of other inputs remaining unchanged, is called:
a. the average product of labor. b. the total product of labor. c. the marginal revenue product. d. the marginal product of labor.
If a monopolist calculates its marginal revenue to be $15 and marginal cost to be $16, then the monopolist should:
A. lower its price. B. decrease its output. C. increase its output. D. leave its output and price unchanged.