Who may benefit from technological progress?
A) consumers
B) workers
C) firms.
D) all of the above.
Ans: D) all of the above.
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Which of the following is an example of price discrimination?
A) Increasing the price of a product when demand for the product increases. B) Charging different prices for a product in different regions of the country due to differences in transportation costs. C) Bundling complementary products to attract additional sales. D) Reducing the price of a product to reduce excess inventory.
In behavioral economics, the term salience refers to
A) relevance to the problem being investigated. B) people only consider information when it is conveyed in a subtle manner. C) how an experiment is designed. D) people consider information when it is presented in an "eye grabbing" manner.
The government uses ________ figures contained in the Herfindahl-Hirschman Index (HHI) to help determine whether or not it will challenge a proposed merger.
A. firm size B. profit C. market share D. barriers to entry
If the elasticity measure equals 3.5, then the demand is
A) elastic. B) unit elastic. C) inelastic. D) infinitely elastic.