If consumers are identical, then
A) price discrimination is impossible.
B) price discrimination can occur if each consumer has a downward-sloping demand curve for the product.
C) perfect price discrimination is the only form of price discrimination that can increase a monopoly's profit.
D) tie-in sales cannot increase a monopoly's profit.
B
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The Ricardian equivalence theorem suggests that an increase in the government budget deficit created by a tax cut will
A) decrease real Gross Domestic Product (GDP) in the short run, but increase it in the long run. B) decrease real Gross Domestic Product (GDP) in both the short and long run. C) increase real Gross Domestic Product (GDP) in both the short and long run. D) have no effect on aggregate demand.
If the marginal social cost exceeds the marginal social benefit for the last pair of shoes produced, then the economy is producing more than the efficient amount
Indicate whether the statement is true or false
Reaching a Nash equilibrium means that:
A. there is no stable outcome to the game. B. the players will never reach a positive-positive outcome. C. a stable outcome has been reached. D. each player has achieved their highest payoff in the game.
A nation's gross domestic product (GDP):
A. can be found by summing C + I g + G + X n . B. is the dollar value of the total output produced by its citizens, regardless of where they are living. C. can be found by summing C + S + G + X n . D. is always some amount less than its NDP.