A price discriminating pure monopolist will attempt to charge each buyer (or group of buyers):
A. different prices to compensate for differences in the characteristics of the product.
B. the same price if per unit cost is constant for each unit of the product.
C. that price that equals the buyer's marginal cost.
D. the maximum price each would be willing to pay.
Answer: D
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In a perfectly competitive industry, i. entry by new firms shifts the market supply curve rightward. ii. exit by existing firms shifts the market supply curve leftward. iii. at all times existing firms make only zero economic profit
A) ii and iii B) ii only C) i and iii D) i and ii E) i, ii, and iii
Answer the following statements true (T) or false (F)
1. expenditures included in GDP are usually less than the income component of GDP. 2. Imports constitute a minus figure in national income accounting. 3. Final sales are always larger than the GDP. 4. Personal consumption expenditures account for approximately seven-tenths of the GDP in the United States. 5. In terms of purchasing power parity, Japan has highest per capita GDP in the world.
The quantity of Blu-Ray players purchased declined in spite of a decline in price. This implies that the
a. supply curve for Blu-Ray players shifted to the left. b. demand curve for Blu-Ray players shifted to the right. c. demand curve for Blu-Ray players shifted to the left. d. supply curve for Blu-Ray players shifted to the right.
Exhibit 20-4 Aggregate demand and supply model
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In Exhibit 20-4, which one of the following actions could the Fed use to shift the AD curve from AD3 to AD2?
A. Lower the legal reserve requirement. B. Lower the discount rate. C. Lower the federal funds rate. D. Sell government securities.