In the above figure, what is the wage rate the monopsonist will pay?
A) W1
B) W2
C) W3
D) W4
B
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Price discrimination is prevented in situations where
A) customers can resell the good. B) firms have monopolies. C) there are legal barriers to entry. D) there are no close substitutes for the good or service. E) customers have different willingnesses to pay for the good.
A decision matrix:
A. summarizes the players, strategies, and payoffs associated with a game. B. outlines the clear outcome of any strategy-based game. C. shows only the decisions of one player. D. is not useful in evaluating the strategic choices.
Which of the following is not an example of price discrimination?
a. IBM charges business users of its laser printer more than home users b. Intel offered faster and slower versions of a computer chip c. An amusement park charges the same admission fee to local residents and out-of-towners d. Adobe stripped some features from Photoshop to offer a cheaper version e. Holders of Nevada driver's licenses pay less to ride the Las Vegas monorail
The goods and services that count toward GDP are defined in terms of:
A. the location of production, not the citizenship of the producer. B. the citizenship of the producer, not the location of production. C. citizens producing within a country's borders. D. total production of companies owned by citizens, regardless of the actual location of production.