If a firm has no ability to select the price of its product, it:
a. will go out of business due to losses.
b. is a price-maker.
c. cannot maximize profit.
d. has a horizontal individual demand curve.
d
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In third-degree price discrimination, the monopolist will choose quantities so that each market has the same
a. price. b. total revenue. c. marginal revenue. d. elasticity.
Barometric price leadership exists when
A) one firm in the industry initiates a price change and the others may or may not follow. B) one firm imposes its best price on the rest of the industry. C) when all firms agree to change prices simultaneously. D) when one company forms a price umbrella for all others.
Which of the following is not an attempt to remedy and externality?
A. A tax per ton of sulfur dioxide pollution. B. Government quotas for individual fisherman to limit harvesting of wild salmon. C. Home association codes requiring home owners to maintain front yards. D. Price controls to combat the effects of the cost disease.
You agree to lend a friend $20,000 for a year at an annual interest rate of 45%. At the end of the year your friend must pay you ________ in interest.
A. $133 B. $750 C. $1,900 D. $9,000