The practice of requiring someone to buy two or more items together, rather than separately, is called
a. resale maintenance.
b. product fixing.
c. tying.
d. free-riding.
c
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The total producer surplus in the entire market is given by the:
A) product of the individual seller's surplus. B) sum of all the individual sellers' producer surplus. C) area between the market supply curve and the market demand curve. D) area between the market demand curve and the price line.
According to public choice theory, policymakers
A) act in ways to bring about an equitable distribution of society's wealth. B) act in ways to maximize economic efficiency. C) place the interests of the public above their own self-interest. D) are likely to pursue their own self-interest, even if their self-interest conflicts with the public interest.
If Allan lives in Boston and decides to buy a pair of hockey skates from Canada for $100, and the Canadian he bought them from buys a baseball hat and jersey for $100 from Boston, then the U.S. next exports:
A. and net capital outflow are both zero. B. and net capital outflow both equal ?$100. C. is zero and net capital outflow is ?$100. D. equals ?$100 and net capital outflow is zero.
Which of the following statements about a non-discriminating monopoly firm is correct?
a. It charges a price greater than its marginal cost. b. Its high prices generate inflation. c. It charges a price that maximizes its total revenues. d. As a price setter, it can ignore market demand. e. It has no incentive to produce each output level at the lowest possible cost.