Which of the following will tend to make oil extraction more economical?
A) rising oil prices
B) additional oil exploration
C) conservation measures
D) development of oil substitutes
A
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Privately formed cartels are legal in many countries, including the United States
a. True b. False Indicate whether the statement is true or false
All of the following conditions, except one, must exist in order for a firm to successfully practice price discrimination. Which is the exception?
a. The firm must be a price taker. b. The firm must be able to identify which customers are willing to pay more. c. The firm must be able to prevent the resale of its output by low-price customers to high-price customers. d. The firm must be able to charge higher prices to some customers without losing their business. e. The firm must be a price setter.
Suppose there is a firm that has no fixed costs. At the point where marginal cost equals average variable cost,
a. fixed cost is rising b. marginal cost is rising c. average total cost is rising d. average variable cost is falling e. there is no total cost
Which of the following is correct?
a. The Continental Congress used the inflation tax to help finance the American Revolution. b. The inflation is today a principal source of revenue for the U.S. government. c. There is no way a person can avoid the inflation tax. d. Governments can only raise revenues through taxation.