The range to the right of the midpoint on a linear demand curve is
A. one.
B. inelastic.
C. infinite.
D. elastic.
Answer: B
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Given the prices of two goods, all quantity combinations inside the budget line are:
a. indifferent. b. efficient. c. unattainable. d. attainable.
Which of the following statements regarding perfect price discrimination is FALSE?
A) Only part of consumer surplus is captured by the firm as producer surplus. B) For the firm, the market demand curve becomes the firm's marginal revenue curve. C) The monopoly produces the output at which the marginal revenue equals the marginal cost. D) No deadweight loss is created.
If the autarky price of S were lower in country A than in country B, then if trade were allowed
A) A would likely export S to B. B) A would likely import S from B. C) neither country would want to trade. D) None of the above.
The signaling theory of education suggests that when people earn a college degree they do not become more productive, but they do signal their high ability to prospective employers
a. True b. False Indicate whether the statement is true or false