Senior citizen and student discounts on tickets at movies theaters are examples of
a. First-degree price discrimination.
b. Second-degree price discrimination.
c. Third-degree price discrimination.
d. A two-part tariff.
c. Third-degree price discrimination.
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Firms in monopolistic competition can make an economic profit in the long run
Indicate whether the statement is true or false
Restricting entry to a profession through licensing or certification requirements
A) increases welfare. B) decreases welfare. C) may increase or decrease welfare. D) leaves welfare unchanged.
Network externalities:
A. can explain why more efficient technologies displace less efficient technologies. B. can explain why technological lock-in no longer occurs. C. can explain why the economy fails to adopt the most efficient technologies. D. reduce the cost of switching to new technologies without network externalities.
The difference between what a government spends and what it collects in taxes in a year is
A. the government budget deficit or surplus. B. net revenue. C. the government debt. D. net taxes.