Charging different prices to different customers for the same good or service is known as
a. monopoly
b. price setting
c. competition
d. price discrimination
e. rent seeking
D
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An increase in the money supply is likely to reduce
A. money demand. B. interest rates. C. the general price level. D. nominal income.
If the inverse demand curve a monopoly faces is p = 100 - 2Q, and MC is constant at 16, then the deadweight loss from monopoly equals
A) $21. B) $441. C) $882. D) $1,764.
Suppose Kate's Great Crete (KGC) has annual variable costs of VC = 30Q + 0.0025Q2 and marginal costs of MC = 30 + 0.005Q, where Q is the number of cubic yards of concrete it produces per year. In addition, it has an avoidable fixed cost of $50,000 per year. KGC's demand function is Qd = 20,000 - 400P. What is KGC's total cost function?
A. TC = 50,030 + 30.005Q + 0.0025Q2 B. TC = 50,000 + 50Q - 0.0025Q2 C. TC = 20,000 - 400P D. TC = 50,000 + 30Q + 0.0025Q2
Federal deficits had become pretty much an annual event during the 25-year period 1970–1995 . Deficits occur when
a. government spending is greater than tax revenue b. government spending equals tax revenue c. government spending is less than tax revenue d. government surpluses are taxed e. the national debt is reduced