Often the fee structure for electric companies are based off of the quantities that a customer consumes, and that on average the price of electricity falls as more electricity is consumed. This is an example of what type of price discrimination?
A. First-degree price discrimination.
B. Second-degree price discrimination.
C. Third-degree price discrimination.
D. It is not price discrimination.
Answer: B
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A condition in a market where quantity demanded equals quantity supplied is called
A) a shortage. B) a surplus. C) market equilibrium. D) All of the above are possible correct answers.
In the second quarter of 1995, the following values were observed: real GDP = 4,359.3 billion; GDP deflator = 325.1; and M1 = 989.5. What is the value of velocity?
A. 32.51 B. 24.31 C. 14.32 D. 2.31
From the date a U.S. patent is granted to a firm, it ceases to be a potential source of monopoly profits after
A. 7 years. B. 20 years. C. 14 years. D. 1 year.
Refer to the information provided in Figure 8.9 below to answer the question(s) that follow. 
Figure 8.9
Refer to Figure 8.9. If the market price of hay ________, then to maximize profits this farmer should produce 350 bales of hay.
A. falls to $20 B. falls to $18 C. falls to $4 D. stays at $24