Price discrimination occurs when a firm sells
A) a given product at different prices at different points in time.
B) a given product at different prices to different ethnic groups.
C) a given product at different prices unrelated to differences in cost.
D) a given product at different prices when it is produced in different colors.
C
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The market process will likely fail to fully coordinate supply and demand if transaction costs are
A) non-existent. B) significant. C) locally perverse. D) inconsequential.
A key difference between a monopoly and a perfectly competitive firm is that the monopolist
A) does not face fixed costs in the short run. B) has a marginal revenue curve that lies below its demand curve. C) has no marginal cost curve. D) faces a perfectly elastic demand for its product.
The U.S. economy remains subject to frequent boom and bust cycles. Throughout U.S. history, policymakers after the Great Depression often
(a) raise or lower taxes and spending to adjust aggregate demand and thereby smooth the business cycle. (b) take a hands-off approach to the business cycle. (c) consult with world organizations on how to address cyclic fluctuations. (d) close economies to international trade.
From a consumer's viewpoint, which of the following policies would be least desirable?
A. Quotas on imported goods. B. Tariffs on imported goods. C. No trade. D. Free trade.