Second-degree price discrimination generally takes the form of
a. special prices for students and seniors.
b. membership clubs.
c. quantity discounts.
d. "extras" like free delivery and free customer service.
c. quantity discounts.
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Which of the following are correct statements about implicit and explicit costs?
i. Normal profit is an implicit cost. ii. Economic depreciation is an explicit cost. iii. Wages are an explicit cost. A) ii and iii B) i and iii C) iii only D) i, ii, and iii E) i only
Marti wanted to replenish her wardrobe and went to the $30 rack at K-Mart. There she saw three stylish dresses. She was delighted because she would have been willing to pay $40 for the first dress, $35 for the second dress, and $30 for the third dress. She bought all three. Which of the following is correct?
a. Only the third dress sold for its price. b. The consumer surplus she derived was $90. c. The consumer surplus she derived was $105. d. The consumer surplus she derived was $15. e. The consumer surplus she derived was zero because, for the third, price was exactly what she was willing to pay.
The poverty rate for blacks is _____________ the poverty rate for non-Hispanic whites.
A. almost three times B. about 50% more than C. slightly higher than D. a little lower than
Assume both the demand for beef and the supply of beef decrease. Which of the following outcomes is certain to occur?
A. The equilibrium quantity of beef will rise. B. The equilibrium quantity of beef will fall. C. The equilibrium price of beef will fall. D. The equilibrium price of beef will rise.