A savings account is an example of consumer income
a. True
b. False
Indicate whether the statement is true or false
False
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The figure below shows the demand for items from a warehouse club. All of the people who shop at the warehouse club have the same demand. If the managers set a single price, so that all customers pay the same price for every item they buy, the firm makes an economic profit of ________ and if the managers use two-part pricing, the firm makes an economic profit of ________.
A) $40 million; $80 million
B) $60 million; $80 million
C) $40 million; $60 million
D) $0; $80 million
Suppose a roll of paper towels costs $5 at Sam's Quick Stop, a local quick stop, and the same roll of paper towels costs $2 at Big Supplies, a large, retailer located in a more remote location. If a customer's total cost of travel to Sam's Quick Stop is $3 and is $6 to Big Supplies, which of the following is true?
A) It is more expensive for the consumer to buy the paper towels at Big Supplies. B) It is cheaper for the consumer to buy the paper towels at Sam's Quick Stop. C) It is cheaper for the consumer to buy the paper towels at Big Supplies. D) The consumer is indifferent as to where they buy the paper towels.
In the long run, a monopolistically competitive firm will set price:
a. at the intersection of the marginal cost and demand curves. b. at the intersection of the average total cost and demand curves. c. higher than the competitive level, but lower than the monopoly price. d. higher than the marginal cost, but lower than average total cost.
This graph depicts a tax being imposed, causing demand to shift from D1 to D2. The amount of tax revenue being generated by the tax imposed in the graph shown is:
A. area P2CAP4.
B. area P1DBP3.
C. area ABC.
D. area ABCD.