In perfect price discrimination, which of the following are reduced to zero?
a. Consumer surplus and producer surplus
b. Producer surplus and deadweight loss
c. Consumer surplus and deadweight loss
d. Producer surplus and total welfare
c
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A firm's total revenue minus its total opportunity cost is called its
A) accounting profit. B) normal profit. C) economic profit. D) abnormal profit. E) entrepreneur's profit.
Before 1863
A) federally-chartered banks had regulatory advantages not granted to state-chartered banks. B) the number of federally-chartered banks grew at a much faster rate than at any other time since the end of the Civil War. C) banks acquired funds by issuing banknotes. D) banks were required to maintain 100% of their deposits as reserves.
The short-run Phillips curve implied when all changes in aggregate demand are caused by changes in the money supply is
a. upward sloping. b. downward sloping. c. horizontal. d. vertical. e. None of the above
In order to prove that Coca Cola and 7-Up are substitutes, one should test the __________ and get a __________
a. price elasticity of demand; number less than negative 1 b. income elasticity; positive number c. cross-price elasticity; negative number d. price elasticity of demand; number greater than negative 1 e. cross-price elasticity; positive number