Group price discrimination has ________ consumer surplus than under ________
A) more; perfect competition
B) less; perfect competition
C) more; an elastic demand curve
D) less; single-price monopoly
B
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An externality occurs whenever
A) private costs are the same as social costs. B) private costs are the same as internal costs. C) private costs diverge from social costs. D) private costs plus internal costs equal social costs.
Which of the following is not a reason why specialization and trade are beneficial to society?
A. The total output of economic goods may be increased even without any increase in resources B. Scarce resources are utilized more efficiently by exploiting differences among them C. Specialization fosters learning by doing, thus lowering the unit-costs of products D. Firms and workers become less dependent on others for producing goods and services
The demand for electricity is more elastic in the long run than in the short run because
A. consumers can shift to more efficient electrical appliances in the long run. B. solar energy will eventually replace electricity in the long run. C. government regulation of electricity producers is most effective in the long run. D. more electricity can be produced in the long run.
Though many assets can be used as a store of value, money is a particularly attractive method to store value because:
A. it increases in value as prices rise. B. its purchasing power does not decline when prices rise. C. it is the most liquid of all assets. D. it is backed by gold.