Which of the following conditions is not necessary for a firm to be able to engage in price discrimination?
I. The firm must be able to produce to the point at which price equals marginal revenue.
II. The firm must easily be able to identify consumers with different demand elasticities.
III. The firm must be able to prevent resale of the item it produces and sells.
A) I only
B) III only
C) Both I and II only
D) Both II and III only
D
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If private consumption in the United States was 69 percent of GDP, investment was 18 percent, government purchases were 18 percent, exports were 9 percent, and imports were 14 percent, net exports were equal to ____ percent of GDP
a. -5 b. 5 c. -23 d. 23
To find the output at which the firm maximizes its profits you MUST know the firm's
A. average total costs. B. average variable costs. C. average fixed costs. D. marginal costs.
The airline industry is a good example of a monopolistically competitive industry.
Answer the following statement true (T) or false (F)
The percentage of disposable personal income that is saved is the
A. personal saving rate. B. MPS. C. MPC. D. personal investment rate.