Using the demand schedule in the above table, the marginal revenue for a perfectly price discriminating monopolist from the sale of the third unit of output is
A) $3.
B) $4.
C) $5.
D) $6.
C
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If you post your car on eBay with a "Buy It Now" price of $1,800, you are using money as
A. bank reserves. B. a medium of exchange. C. a unit of account. D. a store of value.
To fight a recession, the Fed can
A) raise the federal funds rate by buying securities. B) raise the federal funds rate by selling securities. C) lower the federal funds rate by buying securities. D) lower the federal funds rate by selling securities. E) lower income taxes on interest income.
Economic theories are
a. useful because they are as exact as theories in the physical sciences b. useless because they are based on abstractions c. useful because they allow us to make predictions d. too complex to understand because they include all of reality e. useful in predicting events only if their assumptions are realistic
When the supply of a good is perfectly elastic, the entire tax is paid by the buyers
a. True b. False Indicate whether the statement is true or false