Suppose a monopolist is able to charge each customer a price equal to that customer's willingness-to-pay for the product. Then the monopolist is engaging in
a. marginal cost pricing.
b. arbitrage pricing.
c. voodoo economics.
d. perfect price discrimination.
d
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In a world without transactions costs, how will a change in property rights affect
(i) economic efficiency, (ii) the distribution of income, and (iii) the allocation of resources? Explain, using the Weak and Strong Coase Theorems.
Which of the following is NOT directly included in U.S. GDP?
A) sales to tourists of beach umbrellas in Hilton Head, South Carolina B) ticket sales to Ripley's Aquarium in Gatlinburg, Tennessee C) sales of sandwiches at a Subway store in Bangor, Maine D) popcorn purchased by a movie theater chain in Georgia E) movie tickets purchased by consumers in Georgia
Refer to Table 4-4. If a minimum wage of $10.50 an hour is mandated, what is the quantity of labor demanded?
A) 400,000 B) 370,000 C) 340,000 D) 60,000
What happens when the government prints too much money?
a. Service prices decline. b. Money loses its value. c. Currency supply falls. d. Faith in money rises.