Relative to a situation where only a single price is charged, a seller that engages in price discrimination will
a. charge consumers with an inelastic demand a lower price.
b. charge consumers with an elastic demand a higher price.
c. generally produce a larger total output.
d. decrease social welfare and make all consumers worse off.
C
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Demand is income elastic if
A) a large percentage increase in income results in a small percentage increase in quantity demanded. B) a small percentage increase in income results in a large percentage increase in quantity demanded. C) an increase in income does not affect the quantity demanded. D) the good in question has close substitutes.
School vouchers can be used to arrive at the efficient market equilibrium because vouchers
A) increase demand for schooling. B) increase supply of schooling. C) decrease the cost of schooling. D) decrease supply of schooling.
Which of the following is counted as "capital" in economics?
A) the money people have B) the wealth people have C) the machines workers have to work with D) the labor force
According to the graph shown, if this were depicting an autarky economy, the amount being sold domestically is:
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
A. 45.
B. 85.
C. 120.
D. 75.