Price discrimination
a. forces monopolies to charge a lower price as a result of government regulation.
b. is an attempt by a monopoly to prevent some customers from purchasing its product by charging a high price.
c. is an attempt by a monopoly to increases its profit by selling the same good to different customers at different prices.
d. increases the consumer surplus associated with a monopolistic market.
c
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If changes in inflation are higher than expected,
A) the long-run Phillips curve will be negatively sloped. B) the short-run Phillips curve will be positively sloped, but not vertical. C) the short-run Phillips curve will be vertical. D) the short-run Phillips curve will be negatively sloped.
Would a law that required the federal government to balance the budget on an annual basis contribute to more or less stability in the economy? Why?
What will be an ideal response?
According to economists, gift registries, returning gifts for cash refunds, and "recycling gifts":
A. are inefficient because the time spent in these activities is never worth the benefit recipients receive from doing them. B. are equally efficient because the recipient gets exactly what he wants. C. are more efficient than if givers simply gave cash gifts. D. increase the efficiency of gift-giving because they allow the recipient to consume goods that provide greater utility and transfer away those goods that are less satisfying.
The price elasticity of supply is calculated by:
A. dividing the percentage change in quantity supplied by the price. B. dividing the percentage change in income by the percentage quantity supplied. C. dividing the percentage change in price by the percentage quantity supplied. D. dividing the percentage change in quantity supplied by the percentage change in price.