Necessary conditions for price discrimination include:
a. identical tastes among buyers
b. differences in willingness to pay among customers.
c. easy resale.
d. both (b) and (c)
b
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The above table shows the distribution of wealth and income in Miseria. With respect to income, the richest twenty percent of the population earn
A) 90 percent of the income. B) 11 times as much as the poorest twenty percent. C) 9 times as much as the poorest twenty percent. D) just as much as the second richest twenty percent.
If the demand curve for agricultural products is inelastic, then it would be in the best interest of farmers as a group to
A) increase output and thereby receive greater revenues. B) cause the price of their product to decrease. C) find some way to decrease the quantities of output that are placed on the market for sale. D) petition the government to find a way to decrease the demand for their product. E) a and b
The Taylor rule states that if real GDP rises 1 percent above potential GDP the federal funds rate should be raised, relative to the current inflation rate, by ______.
a. 0.5% b. 1% c. 2% d. 4%
In a market system entrepreneurs or the managers they hire must deal with risk. Discuss the incentives of these individuals when dealing with risk, relative to those of a central planner in a command economy
Please provide the best answer for the statement.