A durable good is product that
A) holds up well under abuse.
B) has had the same design over a long period of time.
C) is purchased only once.
D) is usable over a long period of time.
D
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A firm engaging in group price discrimination
A) divides customers into groups and then charges each customer within each group a different price, similar to perfect price discrimination. B) divides customers into groups and then charges each group a different price. C) bundles products into groups and sells the groups at different prices. D) finds the average reservation price for a group of customers and sell its goods at that price.
Monopolistic competition means
A) monopolies from several countries compete in the global market. B) a large number of firms producing homogeneous products. C) a large number of firms producing differentiated products. D) few firms producing differentiated products.
Game theory is the study of which of the following?
a. The prisoner's dilemma b. The behavior of people engaged in recreational games c. The mutual interdependence of firms in oligopolistic industries d. The downward sloping demand curve faced by firms in an oligopoly e. The interaction between marginal and average revenue
After OPEC raised the price of crude oil in the 1970's, which of the following was the most important reason that there were shortages of gasoline? a. Americans drove large, gas-guzzling vehicles
b. The increase in the price of crude oil by OPEC. c. The effects of a price ceiling on gasoline prices imposed by the US government. d. Increased commuting times resulting from traffic congestion.