A perfectly price discriminating monopolist charges each buyer:
A. the perfectly competitive equilibrium price.
B. exactly his or her reservation price.
C. more than his or her reservation price.
D. exactly his or her marginal cost.
Answer: B
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Refer to Figure 4.2. The dominant strategy for Cameron is to
A) go to the movie theater. B) go to the bowling alley. C) go to either the movie theater or to the bowling alley. D) Cameron does not have a dominant strategy.
The term "derived demand" refers to
A) a firm's estimated demand curve derived from sales data. B) the demand for a factor of production that is derived from the demand for the good the factor produces. C) the demand for financial products called derivatives. D) a demand curve that derives from the availability of resources.
Restaurant meals are an example of a ________ good and clothing is an example of a ________ good. The pattern of interregional trade is determined primarily by ________
A) nontraded; traded; external economies. B) traded; nontraded; internal economies C) nondurable; durable; natural resource D) durable; nondurable; natural resources E) consumer; style; population
If the government finances its spending by issuing debt to the public, the monetary base will ________ and the money supply will ________
A) increase; increase B) increase; decrease C) decrease; increase D) not change; not change