One of the reasons communism failed was because:
a. governments ran out of money.
b. workers received the same pay whether or not they worked hard.
c. there was no unemployment.
d. Mao Zedong passed away.
e. technological improvements were impossible in a communist economy.
b
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Refer to the figure above. Assuming that the market consists of only these two consumers, what is the market demand for pens when the price is $4?
A) 15 units B) 25 units C) 40 units D) 65 units
When a firm is able to engage in perfect price discrimination, its marginal revenue curve
A) lies below its demand curve. B) is the same as its demand curve. C) lies above its demand curve. D) is the same as its supply curve. E) is undefined because it does not exist.
A significant downside to network externalities is that
A) firms may network with unethical suppliers or distributors. B) there may be large switching costs to firms changing technologies. C) there may be large switching costs to consumers of changing products so that consumers end up using products with inferior technologies. D) the costs of using celebrity endorsements may be very high.
Welfare payments _____
a. often increase the marginal cost of being employed b. often decrease the marginal cost of being employed c. have led to a tremendous decline in poverty since 1968 d. have no relationship to the marginal cost of being employed