Yield management and price discrimination have enabled firms to increase profits and, at the same time
A) reduce transactions costs. B) capture some consumer surplus.
C) reduce the cost of production. D) transfer some producer surplus to consumers.
B
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
Using the above figure, during which month was the price for crude oil the highest?
A) July B) December C) May D) October
Which of the following characteristics is least unique to a market system?
A. the widespread use of money B. freedom of enterprise and choice C. private ownership of property resources D. competition among buyers and sellers pursuing monetary returns
What is least accurate about marketing and selling in the US after the Civil War?
a. Advertising on a national scale became a widely accepted practice. b. There was a large increase in firms with brand names. c. There was a decrease in product differentiation—goods became more alike. d. The quality of non-durable goods improved significantly.