In third-degree price discrimination, to determine the total quantity produced, the firm sets its ________ equal to its ________.
A) overall marginal revenue; average total cost
B) individual market marginal revenue; marginal cost
C) overall marginal revenue; marginal cost
D) individual market marginal revenue; average total cost
C) overall marginal revenue; marginal cost
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A copyright grants the creator of a book, film, or piece of software exclusive legal rights to use the creation for how long?
A) 10 years B) 20 years C) 50 years D) the creator's lifetime plus 70 years for the creator's heirs
What is perfect price discrimination and why do economists believe that no firm is able to practice perfect price discrimination?
What will be an ideal response?
Refer to Figure 20-1. Based on the graph of the labor market above, if a minimum wage of $8 per hour is imposed, which of the following will result?
A) The quantity of labor demanded by firms will rise. B) The quantity of labor demanded by firms will fall. C) The unemployment rate will fall. D) Both A and C will occur.
If the deficit is 0.02 times GDP, the existing debt—GDP ratio is 0.5, and the growth rate of nominal GDP is 0.03, then the change in the debt—GDP ratio is
A) +0.05 B) +0.025. C) 0. D) -0.025.