When a monopolist sells the same product at different prices and the prices are related to cost differences, we have
A. price discrimination.
B. monopoly pricing.
C. marginal cost pricing.
D. price differentiation.
Answer: D
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Refer to Table 4-2. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one of the tickets is $36
A) Violet and Walter receive a total of $52 of consumer surplus from buying one ticket each. No one else will buy a ticket. B) Xavier, Yolanda, and Zachary will receive a total of $68 of consumer surplus since they will buy no tickets. C) Violet and Walter will each buy two tickets. D) Walter will receive $4 of consumer surplus from buying one ticket.
If the demand for a product is elastic, the quantity demanded changes by a larger percentage than the percentage change in price
Indicate whether the statement is true or false
If a nation's real GDP increases from 100 billion to 106 billion and its population jumps from 200 million to 212 million, its real GDP per capita will
A. fall by 6%. B. remain constant. C. fall by 12%. D. rise by 6%.
If MPC = 0.9, equilibrium income is $1,000 . and full-employment income is $2,000 . then how much government spending is needed to bring about full employment?
a. +1,000 b. –100 c. +900 d. +100 e. –0.9