If a large hardware chain offers a ten percent discount to those currently serving in the military and veterans, this is an example of ________ and is ________.
A) price discrimination; only illegal if the practice substantially lessens competition or tends to create a monopoly
B) conditional sales; always illegal per se
C) price discrimination; always illegal per se
D) conditional sales; only illegal if the practice substantially lessens competition or tends to create a monopoly
A) price discrimination; only illegal if the practice substantially lessens competition or tends to create a monopoly
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Normal profit is a(n) ________ cost because ________
A) implicit; it represents the cost of not running another firm B) explicit; a firm must pay income taxes on its profit C) implicit; it represents the cost of economic depreciation D) accounting; wages are considered an explicit cost E) depreciation; the equipment the firm owns wears out over time
Which of the following is NOT a stage of development that modern rich nations have gone through?
A) service stage B) agricultural stage C) manufacturing stage D) inflation stage
Managers must monitor knowledge workers closely
Indicate whether the statement is true or false
The deadweight loss from a tax is the reduction in producer and consumer surplus minus the tax revenue transferred to the government
a. True b. False Indicate whether the statement is true or false