Price discrimination always benefits
a. the owners of the price-discriminating firm
b. the government
c. society as a whole
d. consumers
e. competitors
A
You might also like to view...
With illegal immigration the unskilled labor supply curve:
a. shifts to the left. b. becomes perfectly inelastic. c. becomes perfectly elastic. d. shifts to the right. e. becomes non-existent.
Answer the following statement(s) true (T) or false (F)
1. In the long run, all inputs to a firm’s business can be adjusted. 2. When a firm experiences diminishing marginal product, its total output declines. 3. Fixed costs do not have to be paid if no output is produced. 4. In the short run, a firm’s average fixed cost rises with output. 5. Marginal cost is the change in fixed cost associated with a change in output by one unit.
Microeconomics deals with the analysis of all the following questions except how:
A. the wages of carpenters are determined. B. high did unemployment rise during the Great Depression. C. does Ford decide how to price its cars. D. does a college student decide how to spend her income.
In the 1920s and 1930s, economists became increasingly aware that there were industries that did not fit the model of perfect competition or pure monopoly. Two separate theories of monopolistic competition resulted. Edward Chamberlin of Harvard published
the Theory of Monopolistic Competition in 1933. Chamberlin defined monopolistic competition as A) a relatively large number of producers offering similar but differentiated products. B) a relatively small number of producers offering similar but differentiated products. C) a market situation in which a large number of firms produce identical products. D) a market situation in which a small number of firms produce similar products.