Relative to simple pricing, price discrimination leads to
a. Consumer surplus being converted to producer surplus
b. Increased profits
c. A simplified pricing schedule
d. Both a and b
d
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A black market can emerge for a good if ________
A) the good is taxed heavily B) there is an excess supply of a good C) the consumption of the good is subsidized D) the production of the good is subsidized
If a competitive firm’s short-run average cost curve lies above the price of the product, we can conclude that the firm
A. is earning a huge profit. B. is incurring losses. C. is earning zero economic profits. D. is earning a normal profit.
If the economy is operating at an unemployment rate above the full employment rate,
a. actual output is above potential output b. actual output is below potential output c. frictional unemployment has been eliminated d. structural unemployment has been eliminated e. actual output equals potential output
Which of the following observations concerning poverty rates in America is true?
a. Major increase in poverty in the decade from 1963 to 1973. b. It hit an all-time low by 1983. c. The economic boom of the 1990s restored it almost to its 1970s levels. d. It decreased from 2007 to 2009.