The average expected rate of return is a:
A. Volume-weighted average
B. Price-weighted average
C. Probability-weighted average
D. Value-weighted average
C. Probability-weighted average
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If advertising makes demand of a product less elastic, it makes sense for a firm to
a. Decrease the price of the product b. Increase the price of the product c. Leave the price unchanged d. None of the above
The U.S. government sets a minimum wage, which is a:
a. price floor. b. price ceiling. c. point of equilibrium. d. recommended level.
The key characteristics of a monopolistically competitive market structure include
A) few sellers. B) sellers selling similar but differentiated products. C) high barriers to entry. D) sellers acting to maximize revenue.
Suppose a monopoly's inverse demand curve is P = 100 -Q, it produces a product with a constant marginal cost of 20, and it has no fixed costs. How much more or less is the deadweight loss if the monopoly can practice perfect price discrimination compared to it practicing uniform pricing?
A) The deadweight loss is smaller by 800. B) The deadweight loss is greater by 800. C) The deadweight loss is smaller by 1600. D) The deadweight loss is greater by 1600.