The firm that practices price discrimination needs to be able to distinguish ________; the seller also has to be able to prevent the buyers in the lower-priced market from ________ the product to those in the higher-priced market.
Fill in the blank(s) with the appropriate word(s).
two or more separate markets; reselling
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An individual’s supply curve is backward bending when wages rise above a certain point.
Answer the following statement true (T) or false (F)
Which of the following is an example of an externality?
A. Drug abuse affecting David’s health B. Sara taking a break from work C. A transaction between two parties, affecting them alone D. Tom’s smoking affecting his roommate’s health
Refer to Table 4-4. If a minimum wage of $9.50 is mandated there will be a
A) shortage of 20,000 units of labor.
B) surplus of 10,000 units of labor.
C) shortage of 10,000 units of labor.
D) surplus of 20,000 units of labor.
The U.S. Treasury used the First Bank of the United States for all of the following purposes except _____.
(A) To issue representative money. (B) To set interest rates. (C) To hold money generated by taxes. (D) To help the government carry out its powers to tax.