The price elasticity of demand for any particular perfectly competitive firm's output is
A) less than 1.
B) 1.
C) equal to zero.
D) infinite.
D
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Which of the following statements about price discrimination is false?
A) Price discrimination is a method for a seller to capture some consumer surplus. B) Compared to a single-price monopoly, the number of units sold increases when a monopoly price discriminates. C) Charging less for a second pizza that is identical to the first is an example of price discrimination. D) Price discrimination increases a monopoly's profit. E) All forms of price discrimination are illegal.
Which of the following best satisfies the five prerequisites of money?
a. river-rounded stones b. bananas c. hardwood trees d. bricks e. silver
Note: Amounts in $ trillionsRefer to the above table. Which variables in the table are NOT autonomous?
A. planned investment, net exports, and government spending B. taxes, government spending, and saving C. planned saving only D. planned consumption and planned saving
In this chapter, the discussion on competitive markets tells us that each firm's demand curve is horizontal. Is this not inconsistent with the industry's demand curve, which slopes downward?
What will be an ideal response?