A firm cannot price discriminate if
a. it has declining marginal revenue.
b. it operates in a competitive market.
c. buyers only reveal the price they are willing to pay for the product.
d. it has a constant marginal cost.
b
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If the marginal value of a third soda is $1.50 to Jackie, then
a. Jackie would be willing to pay no more than $4.50 for three sodas. b. Jackie places a total value of less than $4.50 on three sodas. c. Jackie would pay no more than $1.50 for an additional soda when she has already consumed 2 sodas. d. Jackie would pay no more than $1.50 for any soda.
Which of the following is the formula used for computing economic profits?
A) economic profits = total revenue - implicit costs B) economic profits = total revenue - (implicit costs + explicit costs) C) economic profits = total costs - total revenue D) economic profits = total revenue - explicit costs
Which of the following events would definitely cause a decrease in the equilibrium price of cotton shirts?
a. An increase in the price of wool shirts and a decrease in the price of raw cotton. b. A decrease in the price of wool shirts and a decrease in the price of raw cotton. c. An increase in the price of wool shirts and an increase in the price of raw cotton. d. A decrease in the price of wool shirts and an increase in the price of raw cotton.
States pay for 50 percent of the administrative costs of the Supplemental Nutrition Assistance Program.
Answer the following statement true (T) or false (F)