Which of the following statements is true?
A) The basis for both first-degree price discrimination and third-degree price discrimination is differences in the buyers' willingness to pay for a good.
B) The basis for both first-degree price discrimination and third-degree price discrimination is differences in the sellers' willingness to accept payment for a good.
C) The basis for first-degree price discrimination is differences in willingness to pay, whereas the basis for third-degree price discrimination is differences in the sellers' willingness to accept payment for a good.
D) The basis for first-degree price discrimination is differences in the seller's willingness to accept payment for a good, whereas the basis for third-degree price discrimination is differences in buyers' willingness to pay for a good.
A
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If in some production range average cost is rising, the firm is experiencing
A. increasing returns to scale. B. decreasing returns to scale. C. constant returns to scale. D. increasing costs per unit of output.
Which law specifically mandated the federal government's responsibility for economy-wide stability?
A) the Employment Act of 1946 B) the Sherman Act of 1890 C) the Great Depression Act of 1930 D) the Miller Act of 1960
Which of the following is NOT a true statement about the Lorenz curve?
A) The Lorenz curve includes both money income and income in kind. B) The Lorenz curve does not include unreported income obtained from the underground economy. C) The Lorenz curve does not consider different sizes of households. D) The Lorenz curve does not consider age differences among wage earners.
Using Figure 3 below the distance between what 2 lines illustrate an inflationary output gap?
A. PAE2 to PAE3
B. PAE1 to PAE2
C. Y1 to Y2
D. Y2 to Y3