If firms that practice second degree price discrimination use more block prices,
A) both consumer surplus and welfare will decrease.
B) both consumer surplus and welfare will increase.
C) consumer surplus will decrease but welfare will increase.
D) consumer surplus will increase but welfare will decrease.
C
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If a firm employs an extra unit of labor, the additional product generated by employing the extra unit of labor is
A) the marginal physical product of labor. B) the diminished marginal product. C) the outside edge. D) total product.
Answer the following statements true (T) or false (F)
1. To calculate the rate of return on a particular bond, multiply the coupon rate by the interest rate, then add the result to the face value of the bond. 2. Equity is the monetary value that would remain after a house is sold and any bank loans repaid. 3. Accumulating hundreds of thousands of dollars by retirement is not an achievable goal even for a well-educated person who starts saving early in life. 4. Firms make and sell an astonishing array of goods and services, and an investor can receive a return on the company’s decisions by buying stock in that company. 5. In recent years, laws have been enacted in many states to discourage citizens from voting, rather than making it easier for them to vote.
Suppose that a jewelry store found that when it increased prices by 10 percent, sales revenue increased by 3 percent. Which of the following is true about the price elasticity of demand for the store's goods?
A. Demand is perfectly inelastic. B. Demand is inelastic, but not perfectly. C. Demand is perfectly elastic D. Demand is elastic, but not perfectly.
A farmer has 100 acres of land on which he can grow soybeans or corn. An acre of land yields 200 bushels of soybeans or 100 bushels of corn. The above figure refers to the farmer's
A. production possibilities curve. B. demand curve. C. substitution options curve. D. opportunity cost curve.