Rationing occurs for goods
A. that are not manufactured.
B. that have a negative price.
C. that have a zero price.
D. that have a positive price.
Answer: D
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Monopolistic competition differs from oligopoly in that in monopolistic competition firms act independently while in oligopoly firms act interdependently
Indicate whether the statement is true or false
When a unit tax is placed on suppliers they are generally able to _____
a. lobby to get the tax repealed b. shift the tax payment to the demanders c. shift part of the tax burden to the demanders in the form of a secondary tax d. shift part of the tax burden to the demanders in the form of a higher price
Which of the following statements is NOT compatible with explanations for why peak-load pricing is more profitable than charging a single price?
A) Consumer willingness to pay for the product varies a lot across different time periods. B) Marginal cost of production is much higher under peak demand. C) Marginal revenue changes a lot across different time periods. D) Marginal revenue must be the same across different time periods.
Mergers that significantly impede effective competition are ________.
A) prohibited by both the United States and the European Union laws B) prohibited by the European Union competition laws, but not the United States antitrust laws C) prohibited by the United States antitrust laws, but not the European Union competition laws D) generally legal in both the United States and the European Union