For which of the following is there no such thing as a "price?"
a. labor
b. land
c. entrepreneurship
d. none of the above
c
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What is the difference between price discrimination and other forms of discrimination?
What will be an ideal response?
Marginal social cost equals marginal ________ cost plus marginal ________ cost, and reflects the true marginal cost to society of an additional unit of production
a. fixed; variable b. implicit; explicit c. labor; capital d. private; external
ABC Light Bulbs has a monopoly on a new style of LED lighting. Right now, they sell 5 million bulbs at a unit price of $10. If they lower their price to $8, they will sell 7 million units. What is the price effect in this scenario?
a. ABC is unable to influence the price of its products if output exceeds 7 million bulbs. b. ABC earns an additional $18 for every bulb it sells over 5 million. c. ABC loses $10 million in revenue by selling at a lower price to its original customers. d. ABC gains $6 million in revenue by selling more bulbs to new customers.
The unemployment rate is
What will be an ideal response?