Perfectly inelastic demand is represented as a vertical line.
Answer the following statement true (T) or false (F)
True
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We say that a countrycompletely specializes in production when it spends all of its resources producing:
A. a particular good. B. those goods it has an absolute advantage in producing. C. only what other countries need. D. what it can make more of than anyone else.
A monopolist's profits with price discrimination will be
a. lower than if the firm charged a single, profit-maximizing price b. the same as if the firm charged a single, profit-maximizing price. c. higher than if the firm charged just one price because the firm will capture more consumer surplus. d. higher than if the firm charged a single price because the costs of selling the good will be lower.
Total fixed cost is also known as ______
Fill in the blank(s) with the appropriate word(s).
Advances in productivity increase supply because they might
A) increase the price expected in the future. B) decrease the cost of production. C) increase the number of firms producing the good. D) raise the prices of resources used to produce the good. E) decrease the number of goods available.