Sources of ________ include larger industry size resulting in lower production costs.
A. external diseconomies of scale
B. external economies of scale
C. internal diseconomies of scale
D. internal constant returns to scale
Answer: B
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Use the following figure showing the domestic demand and supply curves for product B in a hypothetical economy to answer the next question.
After trade, at a world price of Pw, the net gain of producer surplus equals area(s)
A. B + C. B. D. C. A + B + C + D. D. B + C + D.
According to this Application, ________ developed countries and ________ developing countries have a value-added tax
A) virtually all; many B) most; very few C) very few; very few D) very few; most
Which of the following is true of the natural rate of unemployment?
A) The actual rate of unemployment is higher than the natural rate of unemployment during a recession. B) The natural rate of unemployment excludes long-term structural unemployment. C) The natural rate of unemployment is the socially optimal or desirable rate of unemployment. D) The natural rate of unemployment excludes frictional unemployment.
Price discrimination is based on observable customer characteristics:
A. when a firm can distinguish consumers with a high versus low willingness to pay. B. when a firm offers a menu of alternatives, designed so that different customers will make different choices based on their willingness to pay. C. when a monopolist knows perfectly the customer's willingness to pay for each unit its sells and can charge a different price for each unit. D. in all cases.