Entry of new firms in an increasing-cost industry leads to an upward shift of the LRAC curve.
Answer the following statement true (T) or false (F)
True
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Today, Walt Disney World charges different customers different prices for admission. This pricing strategy is called
A) odd pricing. B) arbitrage. C) cost-price pricing. D) price discrimination.
The following accompanying table shows the relationship between the speed of a computer's CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed below are available for purchase. CPU GHzTotal BenefitMarginal BenefitTotal CostMarginal Costs2.0$1,000 $900 2.5$1,400 $1003.0 $300$1,200 3.5$1,900 $1,500 4.0$2,000 $400 The marginal benefit of upgrading from a 2.0GHz computer to a 2.5GHz computer is:
A. $1,000. B. $1,400. C. $400. D. $100.
If only a small percentage of used computers on the market are plums (high-quality), then the asymmetric information concerning the quality of used computers has generated a ________ market.
A. thin B. weak C. tight D. competitive
Using the five criteria in the book, explain how U.S. currency is suitable to use as a medium of exchange
What will be an ideal response?