Given C = 200 + 0.75YD, the multiplier is
A. 0.75.
B. 0.25.
C. 4.
D. 1.33.
Answer: C
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Second-degree price discrimination:
a. is also known as block rate setting b. is imperfect in the eyes of a monopolist c. is regularly practiced by public utilities d. is effective only in the case of services or products which are sold in easily metered units e. all of the above
Which of the following is true about a monopoly?
a. A monopoly charges a higher price and produces a lower output level than if the market were competitive. b. A monopoly is guaranteed an economic profit. c. A monopoly charges the highest possible price. d. A monopoly will shut down whenever losses are incurred. e. All of these.
The fractional reserve system of banking evolved because
a. goldsmiths did not have safes large enough to hold all their gold deposits. b. there was always a dire need for additional money. c. goldsmiths knew that on any given day, only a few depositors would come to claim their deposits. d. goldsmiths knew that they would not be prosecuted for lending out money they did not have.
The price of a good will be ________ determined if the ________ of the good is perfectly inelastic.
A. supply; supply or demand B. demand; demand C. supply; supply D. demand; supply