sum of all the individual quantities demanded by each buyer in the market at each price
What will be an ideal response?
market demand
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Third-degree price discrimination occurs when a monopoly
a. separates its customers into distinct markets, charging a different price to each group. b. charges different prices for the same good sold to the same customer. c. requires the consumer to pay a separate fee simply for the right to purchase the good. d. charges each customer the maximum that he is willing to pay for each item purchased.
What is the value of any index in the base period?
a. 200 b. 150 c. 110 d. 100 e. 105
Software programs have been introduced that allow you to use your personal computer like a telephone to talk to others who own the same software. One such program costs $50 to buy and allows you to make unlimited calls for free. The economics of
substitutions and complements are present in this scenario. a . Explain in economic terms the effect of these products on the market for long distance telephone service. b. Explain in economic terms the effect of these products on the market for personal computers.
Given the underlying demographic changes in our society, we can expect
a. budget surpluses to outnumber budget deficits in the years ahead. b. the number of budget surpluses to be approximately equal to the number of budget deficits in the years ahead. c. budget deficits to outnumber budget surpluses in the years ahead. d. budget deficits one year to be followed by a budget surplus the next so that the budget balances every two years.