All of the following practices increase a firm's profit by extracting more consumer surplus than can be obtained by simple monopoly pricing except which one?
A) commodity bundling
B) all-or-nothing offers
C) two-part pricing
D) linear pricing
D) linear pricing
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If average labor productivity increases while population and the number of employed workers remain constant, then output per person:
A. increases. B. remains constant. C. decreases. D. may increase or decrease.
In the long run, perfect competition results in firms producing
a. at the minimum point of their long-run average cost curves, which indicates allocative efficiency. b. where price equals marginal cost, which indicates economic efficiency. c. where price equals marginal cost, which indicates the optimal scale of operation. d. at the minimum point of their long-run average cost curves, which indicates economic efficiency.
The Fed can influence unemployment in
a. the short run and in the long run. b. the short run, but not in the long run. c. the long run, but not in the short run. d. neither the short nor the long run.
The marginal productivity principle has relevance only in a capitalist economy, and not in a socialist system.
Answer the following statement true (T) or false (F)