Promotional pricing is designed to take advantage of differences in the price elasticity of demand among customers. As such, it is an application of first-degree price discrimination
Indicate whether the statement is true or false
FALSE
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A labor-leisure budget constraint is represented on a graph as a: a. horizontal line
b. vertical line. c. downward-sloping straight line. d. upward-sloping straight line.
To fight a depression, Keynes said that the government should
A. do nothing. B. raise taxes. C. spend money on carefully chosen projects. D. spend a lot of money.
An increasing-cost industry will have
A) a perfectly elastic long-run supply curve. B) a perfectly inelastic long-run supply curve. C) an upward sloping supply curve in the long run. D) an upward sloping demand curve in the long run.
Which of the following is not listed in the book as a reason to study economics?
A. to be an informed citizen B. to learn a way of thinking C. to understand society D. to learn how to make lots of money