If in some range of production average cost is falling, the firm is experiencing
a. increasing returns to scale.
b. decreasing returns to scale.
c. constant returns to scale.
d. increasing costs per unit of output.
a
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Which of the following is FALSE about indirect price discrimination
a. The firm is able to identify each customer's willingness to pay b. The firm is able to charge different prices to the different value customers c. The firm is be able to prevent arbitrage d. All of the above
If an earthquake destroys most of a country's steel mills, then the country's supply curve of steel will shift to the left
Indicate whether the statement is true or false
The level of income below which the federal government classifies a family as poor is called the:
A. relative measure of poverty. B. median income threshold. C. absolute measure of poverty. D. poverty threshold.
Consider a market characterized by the following inverse demand and supply functions: PX = 10 - 2QX and PX = 2 + 2QX. Compute the number of units exchanged and the price at which those units will be exchanged when there is an $8 per unit price floor.
A. 3 units and $6 per unit. B. 3 units and $8 per unit. C. 1 unit and $6 per unit. D. 1 unit and $8 per unit.