The implication of the prisoners' dilemma for a long-run strategy is for firms to
a. Do nothing
b. Differentiate your product that competitors cannot imitate
c. Figure a way to lower their costs
d. Both b and c
d
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Discrimination is generally easy to detect on a case-by-case basis because the circumstances surrounding the decision to discriminate are rarely subjective
Indicate whether the statement is true or false
An electricity provider charges consumers $0.20 per kWh for the first 100 kWh, $0.25 per kWh for the next 50 kWh, and $0.27 per kWh for all subsequent kWH of usage. This would be considered
A) an antitrust violation. B) an example of increasing-block pricing. C) bad business practices. D) an example of three-part pricing.
If the nominal GDP and real GDP of a country in a particular year are $5 trillion and $3 trillion, respectively, the value of the GDP deflator in this year relative to the base year is approximately _____
a. 150 b. 112 c. 167 d. 135
Imposing a tax on a market typically hurts
A. buyers only. B. sellers only. C. buyers, sellers, and government agencies. D. both buyers and sellers.