The marginal value that a consumer places on the last unit can be read off of the
a. demand curve.
b. supply curve.
c. contract curve.
d. production possibility curve.
a. demand curve.
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Explain why many fishermen on a commonly owned lake continue to fish until the revenue from the average catch is equal to the marginal cost of fishing -- and why the same is not true for a firm that employs fishermen to fish on a privately owned lake.
What will be an ideal response?
Last year the price of corn was $3 per bushel and the quantity of corn demanded was 8 million bushels. This year the price of corn is $4 per bushel and the quantity of corn demanded is 7 million bushels
Assuming that the demand curve has not shifted, what is the price elasticity of demand for corn? (Use the midpoint formula.) A) 1 B) 0.47 C) 2.14 D) 0.29
Relative to a single-price monopoly, the effect of group price discrimination on social welfare is
A) beneficial. B) detrimental. C) neutral. D) ambiguous.
What is meant by strategic behavior?
What will be an ideal response?