A coffee shop sells a small cup of coffee at $3, while a large cup, which is twice as big, at $5. This is an example of
A) first-degree price discrimination.
B) second-degree price discrimination.
C) third-degree price discrimination.
D) actual cost differences.
B
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Who wrote the following criticism of European colonial expansion into poorer non-European nations? "The superiority of force happened to be so great on the side of the Europeans, that they were enabled to commit with impunity every sort of injustice
in those remote countries." A) Adam Smith B) Karl Marx C) Alfred Marshall D) John Maynard Keynes E) John Kenneth Galbraith
If the demand curve is unit elastic, this implies that:
a. consumers do not react to a change in product price. b. the good can only be purchased in units of 1. c. this good has no good substitutes. d. the good is a basic food staple. e. the percentage change in the quantity demanded = the percentage change in product price.
The long-run aggregate supply curve (LRAS) is represented by a ________ curve with respect to the CPI
a. horizontal b. upward-sloping c. downward-sloping d. vertical
Refer to the information provided in Figure 6.10 below to answer the question(s) that follow.
Figure 6.10Refer to Figure 6.10. The current price of a turkey sandwich is $8. If Kyle is currently buying seven turkey sandwiches a week, he ________ maximizing utility because the marginal utility ________ than its price.
A. is not; gained from the seventh sandwich is less B. is; from the seventh sandwich is less C. is; from the seventh sandwich is greater D. is not; gained from the seventh sandwich is greater