When a monopolist is able to sell its product at different prices to different customers, it is likely engaging in:
a. quality-adjusted pricing.
b. price discrimination
c. price differentiation.
d. illegal activities.
b
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When people smoke cigarettes, their friends and family members may become sick. This affects GDP by
A. reducing GDP by the amount of medical care needed. B. reducing GDP by the cost of the cigarettes purchased. C. increasing GDP by the cost of the medical care and the cost of the cigarettes purchased. D. decreasing GDP by the cost of the medical care and increasing GDP by the cost of the cigarettes purchased.
If a manager's expected marginal revenue exceeds their expected marginal cost, which of the following is true?
A) The expected profit from producing another unit is negative. B) The manager is maximizing expected profit. C) To maximize expected profit, the manager should decrease production. D) To maximize expected profit, the manager should increase production.
One of the costs of shifting from a business form that has unlimited liability to one that has limited liability is the
a. reduction in profit levels b. loss of expansion opportunity c. loss of a white knight d. loss of complete control over all aspects of the business e. unlimited debt potential
The four types of economic decision makers are:
A. Firms, corporations, households, and the government B. Households, firms, government, and the rest of the world C. Households, corporations, partnerships, and the government D. Government, corporations, households, firms C. The rest of the world, corporations, firms, government