Because oil price increases reduce the consumption of oil, this discourages the development of oil substitutes
Indicate whether the statement is true or false
FALSE
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A monopolist sells a homogeneous good in several distinct submarkets, and the elasticities of demand differ in these submarkets
If the monopolist selects the rate of output to sell in each submarket by equating marginal revenue and marginal cost, then A) all customers in all markets end up paying the same price. B) it is not price discriminating, but merely price differentiating. C) customers in markets with more elastic demand will pay higher prices than customers in markets with less elastic demand. D) customers in markets with more elastic demand will pay lower prices than customers in markets with less elastic demand.
Ben consumes soda and cheeseburgers. If his marginal utility from sodas is currently 20, and his marginal utility from cheeseburgers is 10, and the price of cheeseburgers is twice the price of sodas, a. Ben is in equilibrium
b. Ben should increase his soda consumption and decrease his cheeseburger consumption. c. Ben should decrease his soda consumption and increase his cheeseburger consumption. d. we cannot conclude that any of the above are correct.
All of the following are possible characteristics of oligopoly except
A. free entry into the industry. B. significant economies of scale. C. interdependence among sellers. D. homogeneous product.
What is the difference between the federal budget deficit and the national debt?