Customer discrimination occurs when
A) a firm pays workers different wages based on irrelevant factors.
B) workers refuse to serve customers of a different race.
C) customers refuse to buy products produced by a racially diverse workforce.
D) customers refuse to buy products they believe to be of poor quality.
C
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A monopolistically competitive firm has a
A. highly elastic demand curve. B. highly inelastic demand curve. C. perfectly elastic demand curve. D. perfectly inelastic demand curve.
If the price elasticity of demand for opera tickets is estimated to be 4.5, then a 10 percent increase in opera ticket prices would be expected to cause a
a. 4.5 percent decrease in quantity demanded. b. 4.5 percent increase in quantity demanded. c. 45 percent decrease in quantity demanded. d. 45 percent increase in quantity demanded. e. 450 percent increase in quantity demanded
"Only individual members of society earn income, not society itself." This statement is most closely associated with the political philosophy of a
a. utilitarian. b. liberal. c. libertarian. d. None of the above is correct.
Perfectly competitive firms always produce the quantity that minimizes average total cost in the short run.
Answer the following statement true (T) or false (F)