Microeconomics is the branch of economics in which you study inflation and unemployment in the economy
a. True
b. False
Indicate whether the statement is true or false
False
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Why are perfectly competitive markets considered efficient?
What will be an ideal response?
Along a downward-sloping, linear demand curve, total revenue is the greatest
A) where demand is unit elastic. B) where demand is normal. C) where demand is the most elastic. D) where demand is the most inelastic.
To practice third-degree price discrimination, each of these market conditions must be met except which one?
A) All consumers must have the same own price elasticity of demand. B) No arbitrage opportunities can exist between customer groups. C) The firm must be able to determine in which group each customer belongs. D) The firm must have market power.
The law of diminishing marginal product is responsible for
A) economies of scale. B) constant returns to scale. C) diseconomies of scale. D) none of the long-run relationships.