Figure 8.4 depicts demand and costs for a monopolistically competitive firm. In the long run we expect:
A. more firms to enter the market.
B. the firm's demand curve to shift to the left.
C. the firm's average cost of production to increase.
D. All of these
Answer: D
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GDP is a measure of an economy's:
A. domestic productivity. B. total output. C. domestic price level. D. level of unemployment.
Mixed bundling:
A. is the practice of selling several products together as a package. B. is the practice of selling the same good to different types of consumers at different prices. C. is the practice of selling several products together as a package while also offering those products for sale individually. D. is the practice of selling goods in bulk at a reduced per unit price.
An additive social welfare function would
A. add the incomes of the lowest ten percent of income earners. B. subtract out the utility functions of all people who are unemployed. C. sum all individual utilities. D. maximize the utility of the person with the minimum utility.
"Kids eat free" in a fast food restaurant is an example of
A) first-degree price discrimination. B) second-degree price discrimination. C) third-degree price discrimination. D) no price discrimination.