When a firm practices perfect price discrimination,
a. Consumer surplus is maximized
b. Producer surplus is minimized
c. Producer surplus is maximized
d. None of the above
c
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List and explain the two phases and two turning points of the business cycle
What will be an ideal response?
One economic truism is that any nation's restriction of imports will ultimately lead to
A) an increase in exports. B) a reduction in exports. C) an economic upswing. D) an increase in GDP.
The demand curve facing a single-price monopolist
a. is the same as its average revenue curve b. is the same as its marginal revenue curve c. is the same as the perfect competitor's demand curve d. lies above its average revenue curve e. lies below its marginal revenue curve
Contractionary fiscal policy could be carried out by
A. an increase in government spending and/or a decrease in taxes. B. an increase in transfer payments. C. a decrease in government spending and/or an increase in taxes. D. All of the choices are correct.