When a firm has a monopoly in a market and also perfectly price discriminates, total welfare
A) is maximized.
B) is lower than in a perfectly competitive market.
C) is higher than in a perfectly competitive market.
D) is minimized.
A
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According to classical economists, unemployment rises in recessions due to an increase in ________ unemployment, not ________ unemployment
A) cyclical; frictional and structural B) frictional and cyclical; structural C) structural; frictional and cyclical D) frictional and structural; cyclical
Suppose robotic technology improves the results of abdominal surgery—less time to perform the surgery, faster recovery times, and fewer mistakes. What is the impact on the market for abdominal surgery using this new technology?
a. Demand for robot-assisted surgery will increase. b. Hospitals will be slow to adopt the new technology fearing that it may result in lower prices. c. The demand for surgical assistants will increase. d. All of the above.
The actual rate of inflation is equal to the expected rate of inflation along the:
a. downward-sloping Phillips curve. b. upward-sloping aggregate supply curve. c. horizontal aggregate supply curve. d. downward-sloping aggregate demand curve. e. vertical Phillips curve.
What allows a Federal Reserve note to function as money?
A. Regulation B. Banks C. Government D. Social convention