Colorado State University allocates 10,000 tickets for each home game to students at no cost. Students are required to stand in line and prove they are a full time student to receive a free ticket
How is the scarce resource in this example allocated? A) first-come, first-served
B) market price
C) contest
D) lottery
A
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A perfectly competitive firm cannot practice price discrimination because
A) each consumer in a perfectly competitive market has the same willingness to pay. B) the firm can only charge the market price. C) a firm that breaks even in the long run cannot afford to engage in yield management. D) it does not advertise; this prevents the firm from marketing its product to different segments of the market.
According to the shortsightedness effect, politicians tend to favor projects with:
a. long-run benefits and long-run costs. b. short-run benefits and short-run costs. c. short-run benefits and long-run costs. d. long-run benefits and short-run costs.
Which of the following will enable a nation to obtain a combination of consumer goods and capital goods outside its production possibilities curve?
A. Full employment. B. International specialization and trade. C. Full production. D. Productive efficiency.
The portion of consumer surplus that no one in society is able to obtain in a situation of monopoly is known as
A) a market failure. B) a deadweight loss. C) an unrealized loss. D) a market externality.