Which of the following statements about perfect price discrimination is false?
A) For the price-discriminating firm, its marginal revenue curve coincides with its demand curve.
B) There is no consumer surplus if a firm engages in perfect price discrimination.
C) A condition for perfect price discrimination is that it must be costlier to service some customers than others.
D) Perfect price discrimination occurs when the seller charges the highest price each consumer would be willing to pay for the product.
C
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The purchasing power of money
A) rises when prices fall. B) rises when prices rise. C) is set by the Fed in January of each year. D) is constant.
If potential GDP for the first quarter of 2013 = $75.8 billion, and real GDP for the first quarter of 2013 = $80.3 billion, then the output gap was
A) -5.9%. B) -5.6%. C) 5.6%. D) 5.9%.
A monopoly sets a market price that is higher than the marginal cost of production. This fact implies that a monopoly's allocation of resources is:
a. unfair. b. inefficient. c. discriminatory. d. excessive.
Which of the following are examples of nonrenewable resources?
a. forests and aquifers b. fisheries c. oil and minerals d. toxic chemicals