Which of the following types of countries has experienced decreasing inequality in recent decades?
A. Rich countries
B. Countries with high economic growth
C. Countries with low economic growth
D. None of these has experienced decreasing inequality.
D. None of these has experienced decreasing inequality.
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At price P3in Figure 4-21, what will tend to happen?
A. There will be a shortage, and the price will fall. B. There will be a shortage, and the price will rise. C. There will be a surplus, and the price will rise. D. There will be a surplus, and the price will fall. E. Equilibrium will occur in the market.
Key influences on the valuation of economic profits include ________
A) the average level of the prices of goods and services sold B) the rental price of capital C) the wage rate D) all of the above E) none of the above
Which of the following conditions must be TRUE so that a firm can profitably price discriminate?
A) The firm must be able to identify individual or groups of consumers with different demand curves. B) The firm must be able to identify how its consumers' demand curves differ. C) The good cannot be easily resold. D) All of the above.
The average fixed cost of a firm equal:
a. implicit costs divided by output. b. explicit costs divided by output. c. total cost minus variable cost. d. total cost minus total variable cost divided by output.