A firm suffers an economic loss whenever
a. price exceeds average total cost
b. price is less than average total cost
c. total revenue exceeds variable cost
d. marginal cost is greater than marginal revenue
e. marginal cost exceeds average cost
B
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If a firm knew every consumer's willingness to pay and could prevent arbitrage it could charge every consumer a different price. This practice is known as
A) first-degree transfer of consumer surplus, or perfect price discrimination. B) first-degree price discrimination, or perfect price discrimination. C) maximization of producer surplus, or perfect price discrimination. D) first-degree exploitation, or perfect price discrimination.
An decrease in the velocity of money will shift the
a. IS curve up. b. LM curve up. c. LM curve down. d. IS curve down.
If population growth is greater than the growth of real output
A) real per capita Gross Domestic Product (GDP) growth will be less than the growth of real Gross Domestic Product (GDP). B) the production possibilities curve is shifting to the left. C) real per capita Gross Domestic Product (GDP) growth will be greater than the growth of real Gross Domestic Product (GDP). D) real per capita Gross Domestic Product (GDP) and real Gross Domestic Product (GDP) will be growing at the same rate.
Cooperation in prisoner's dilemma-type games:
A. always benefits the players and the public. B. always benefits the players, but does not always benefit the public. C. doesn't always benefit the players, but always benefits the public. D. doesn't always benefit the players or the public.