Total surplus is always equal to the sum of consumer surplus and producer surplus
a. True
b. False
Indicate whether the statement is true or false
False
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Coupons represent a form of price discrimination because they offer a low-cost way for firms to
A) identify customers with apparently more elastic demand and offer them a lower price. B) retain loyal customers who are not price sensitive. C) offer discounts to consumers who buy larger quantities. D) perfectly price discriminate.
Measuring important concepts in economics is difficult and some important economic phenomena are still beyond the understanding of economists. Thus economics is called a(n):
a. complex science. b. social science. c. inexact science. d. hard science.
Which of the following would be best classified as a private good?
A) a missile defense system B) police force C) radio frequency D) clothing
Economic growth may overstate changes in the standard of living if
A) people are retiring at a younger age. B) the average workweek is increasing. C) the number of students attending college is increasing. D) expected life spans are increasing.