Very few societies have used price controls
a. True
b. False
Indicate whether the statement is true or false
False
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A family-sized pack of corn chips costs less per dollarthan smaller packs. This is an example of price discrimination
a. True b. False Indicate whether the statement is true or false
An imperfectly competitive firm faces a demand curve that is ________, while a perfectly competitive firm faces a demand curve that is ________.
A. perfectly inelastic; perfectly elastic. B. horizontal; downward-sloping. C. perfectly inelastic; downward-sloping. D. downward-sloping; perfectly elastic.
A minimum price for a good or service:
a. rationing b. price floor c. excess demand d. surplus e. equilibrium
The contributive standard (merit standard) for distributing income implies that
A. income should be distributed according to the marginal productivity of workers. B. income should be distributed according to need. C. a transfer should be contributed to an individual above his or her contribution to net output. D. income should be distributed equally.