If a monopoly is able to perfectly price discriminate, then consumer surplus is
A) equal to zero.
B) maximized.
C) unchanged from what it is with a single-price monopoly.
D) unchanged from what it is in a perfectly competitive industry.
E) not zero but is less than with a single-price monopoly.
A
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All actions and purchases, even those of wealthy people, involve a sacrifice.
Answer the following statement true (T) or false (F)
Fred and Barney fill egg cartons with eggs. Fred just started the job and can fill only 25 cartons an hour. Barney has significant on-the-job experience and can fill 50 cartons an hour. Both Fred and Barney work 50 hours a week. Fred's average weekly productivity is ________ cartons; Barney's average weekly productivity is ________ cartons; and as a team their average weekly productivity is ________ cartons.
A. 25; 50; 37.5 B. 1,000; 2,000; 1,500 C. 1,250; 2,500; 1,875 D. 25; 50; 75
When firms have market power, it means that they:
A. do not noticeably affect the market quantity offered for sale. B. have no control over the market price. C. can noticeably affect the market quantity available for sale. D. can noticeably affect the market price.
Reducing aggregate demand to fight inflation will cause higher unemployment.
Answer the following statement true (T) or false (F)