We call a group a team if the total output produced by the group can be separated into individual outputs
Indicate whether the statement is true or false
F
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Price discrimination is welfare reducing
A) False, price discrimination can increase the coverage of a market thereby increasing welfare. B) False, price discrimination limits the coverage of a market thereby increasing welfare. C) True, price discrimination limits the coverage of a market thereby increasing welfare. D) True, price discrimination can increase the coverage of a market thereby increasing welfare.
The idea that consumption increases at the same rate as national income so that MPC is constant, is known as the
a. absolute income hypothesis b. Keynesian income hypothesis c. relative income hypothesis d. permanent income hypothesis e. rational income hypothesis
For a market to be characterized by perfect competition, there must be
A. indistinguishable products being sold. B. freedom of entry and exit. C. a large number of firms with no one able to influence price. D. all of the options are correct.
A negative externality is said to exist if
A. the social costs exceed the private costs. B. the private marginal cost exceeds the private marginal benefit. C. the producer and the consumer surplus for a particular good are not equal. D. a tax imposed on the production of a particular good results in a deadweight loss.