First-degree and second-degree price discrimination are similar in each of the following ways except which one?
A) They both convert all possible consumer surplus into additional economic profit.
B) In both practices, firms earn greater economic profit than if they charged a single price for every unit.
C) In both practices, firms produce more than if they charged a single price.
D) In both practices, consumers pay higher prices for the first units that they buy.
A) They both convert all possible consumer surplus into additional economic profit.
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Economics is the study of the ________ people make to attain their goals, given their ________ resources
A) decisions; household B) choices; scarce C) purchases; unlimited D) income; available
Each price-quantity combination on a consumer's demand curve shows the utility-maximizing quantity at the given price
Indicate whether the statement is true or false
Absolute advantage is found by comparing different producers'
a. opportunity costs. b. payments to land, labor, and capital. c. input requirements per unit of output. d. locational and logistical circumstances.
Suppose you deposit $1,000 cash in your checking account at a bank. If the bank is loaned up and if the required reserve ratio is 10%, the maximum amount that the bank can lend now, following your deposit is
A) $100. B) $900. C) $1,000. D) $10,000.