To gain from price discrimination, price searchers
a. must charge a higher price to those with a more inelastic demand.
b. must be pure monopolists.
c. must have small economies of scale
d. must have access to widely available natural resources.
A
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If the value of a price index was 125 for 2005 and 75 for 1982, and GDP was 2500 in 2005 compared to 600 in 1982, the value of real 2005 GDP in terms of 1982 prices is
a. 1500. b. 1000. c. 2500. d. 360.
If the total cost of producing 6 units is $228 and the total cost of producing 7 units is $245, what is the marginal cost of producing the seventh unit?
a. $35 b. $245 c. $3 d. $38 e. $17
When production does not proceed on the basis of comparative advantage, resources are expended on their most efficient uses
a. True b. False Indicate whether the statement is true or false
A market structure in which there are many firms selling products that are similar but not identical is known as
a. oligopoly. b. monopoly. c. monopolistic competition. d. perfect competition.