If Mario's Pizza offers consumers who purchase one medium sized pizza a second pizza at half price, this is an example of ________.
A) third-degree price discrimination
B) second-degree price discrimination
C) first-degree price discrimination
D) zero-degree price discrimination
B) second-degree price discrimination
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If the world price for good A is below the domestic price for good A without trade, then consumer surplus will ________ and producer surplus will ________ with trade.
A. decrease; decrease B. increase; decrease C. increase; increase D. decrease; increase
An increase in the price of a firm's output
A) raises the value of marginal product of each unit of labor. B) shifts the firm's demand for labor curve rightward. C) results in the firm increasing the amount of output it produces. D) All of the above answers are correct.
Using Figure 4.2, suppose point C represents the optimal mix of public and private goods for a society. The market mechanism is likely to result in a mix of output represented by point
A. B because the market mechanism tends to overproduce public goods. B. F because the market mechanism is inefficient. C. D because the market mechanism tends to underproduce public goods. D. C because the market mechanism is efficient.
If price rises,
A. there may have been an increase in demand. B. there may have been an increase in supply. C. there may have been a decrease in demand. D. there must have been a decrease in equilibrium quantity.