Which conditions must hold if a firm is to successfully engage in price discrimination?
A. It must be extremely difficult, if not impossible, for one consumer to resell a product to another.
B. Firms must have a sufficiently low amount of market power.
C. Consumers must have very similar preferences for the product.
D. All of these are correct
Answer: A
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Which of the following is an example of a topic studied by macroeconomists?
A) Utility maximization by a consumer B) Decision making by a producer C) Aggregate demand in an economy D) Price determination by a firm
If marginal product is negative, total product must be negative
a. True b. False
Over a typical month, Ying Liao will balance spending time on meals, work, entertainment, study, sleep, and so on by ensuring that there is equality among the marginal
a. factor costs of each market work activity b. products of each market work activity c. revenues from each of the products sold d. wages of each hour worked e. expected net utilities of each activity
The fact that many companies employ supervisors to oversee the actions of workers is a way to treat:
A. the free-rider problem. B. moral hazard. C. the law of diminishing returns. D. adverse selection.