Which of the following is the worst-case scenario for a consumer?
a. Perfect competition
b. Perfect price discrimination
c. Single-price monopoly
d. Peak load pricing
b
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Refer to Figure 18.2. Macadamia has a comparative advantage in the production of
A) spears. B) fishing poles. C) both spears and fishing poles. D) neither spears nor fishing poles.
If a business owner decided to expand her business but rather than borrowing money from a bank used her own funds, then
A) she would be unable to earn a normal profit. B) there is no cost associated with the expansion. C) she would forego the opportunity to earn interest on the money. D) the amount of her funds she used is an explicit cost. E) the amount of her funds she used is part of her normal profit.
In a capitalist market economy, the decision to save is made by the same people who make the major investment decisions
a. True b. False Indicate whether the statement is true or false
You own a company that produces coasters. You set the price at $10 for a set of six coasters. Then you produced 10,000 sets. After one year, you realize you have a surplus of 4,000 sets. What steps would you take to reach equilibrium?
What will be an ideal response?