A firm's efforts to increase profit by price discrimination can be undermined by
A) consumer ignorance. B) differences in elasticity of demand.
C) arbitrage by buyers. D) seller market power.
C
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Refer to the scenario above. Based on the given information, we can conclude that the market for used cars has ________
A) information asymmetry B) a perfectly competitive structure C) positive externalities D) negative externalities
Fiat money is generally issued by
A) brokerage firms. B) private banks. C) major multinational corporations. D) central banks.
If a firm hires 312 workers it produces 4,522 computers. If it hires 313 workers it produces 4,786 computers. If computers sell at a constant price of $1 and labor is hired at a constant wage rate of $65 per worker
A) the firm should hire and retain the additional worker. B) the marginal factor cost of labor is $65. C) the marginal revenue product of the added worker is $264. D) all of the above.
If the price elasticity of supply equals zero, this implies that:
a. suppliers can easily change the quantity supplied of the product as the price of the product changes. b. the period under consideration is a very long-run time period. c. the supply curve is perfectly vertical. d. the percentage change in quantity supplied exceeds the percentage change in product price. e. the percentage change in quantity supplied equals the percentage change in product price.