If the quantity of a good or service demanded at the existing price is greater than the quantity supplied, ________ exists
A) a shortage
B) a surplus
C) market equilibrium
D) All of the above are possible.
A
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Some firms practice odd pricing because
A) it is a way to price discriminate. B) it is too difficult for sellers to reeducate buyers into accepting even prices. C) it lowers transactions costs. D) they believe that customers will buy a larger quantity with an odd price.
Which of the following statements about the private production of a public good is true?
a. Private production is not feasible unless government subsidizes it. b. Private production is only possible for pure public goods. c. Private production is always inefficient. d. Private production is provides useful information about consumer preferences.
The monopoly's marginal revenue curve
a. is equivalent to its demand curve b. lies below its demand curve c. is perfectly elastic d. is perfectly inelastic e. has a positive slope
While the short-run Phillips curve is upward-sloping, the long-run Phillips curve is downward-sloping
Indicate whether the statement is true or false