Which of the following is a reason the inflation rate has stayed at or below 3 percent every year since 1992?
A. The advent of E-commerce, which has added a new layer of competition
B. The rise of huge discounters, such as Wal-Mart and Staples
C. The rising tide of imported goods
D. All of the choices are correct
D. All of the choices are correct
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When ________ in a market, the total net benefit to society is maximized
A) deadweight loss is maximized B) consumer surplus is minimized C) producer surplus is minimized D) a competitive equilibrium is achieved
The difference between the value you place on a product and its market price is called
a. Consumer surplus b. Quantity demanded c. Demand d. None of the above
Protecting intellectual property rights:
A. never increases total surplus for society. B. always increases total surplus for society. C. can reduce total surplus for society. D. never affects total surplus for society.
When a firm uses a form of quantity discrimination that charges large purchasers less it is the high quantity purchasers that generate most profit
Indicate whether the statement is true or false