Inflation plays a major role in determining whether a currency is appreciating or depreciating.
Answer the following statement true (T) or false (F)
True
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The difference between the minimum price the producer is willing to accept and the price the producer actually receives for a product is referred to as: a. market surplus
b. market shortage. c. consumer surplus. d. producer surplus.
The practice of charging customers different prices for the same good is called:
A. price discrimination. B. price marking. C. group discounting. D. customer discrimination.
Consider Figure 6.4 in your textbook, as indicated below. If the equation for the demand curve were P = 10 - Q and MC constant at 4,
(a) Find the competitive level of output and price.
(b) Find the marginal revenue and derive the rent seeking cartel's of output and price.
(c) How much rent is being raised?
In the above figure, along which range would total revenue remain unchanged by raising prices?
A. between point c and point d B. between point a and point b C. between point d and point e D. below point e and above point a.