Aggregation allows economists to ________ at the cost of ________.
A. make normative statements; ignoring positive analysis
B. make positive statements; ignoring normative analysis
C. see the big picture; obscuring the details
D. see the details; obscuring the big picture
Answer: C
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a. True b. False Indicate whether the statement is true or false
Price discrimination is always illegal
a. True b. False Indicate whether the statement is true or false
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The economy is currently at Point A. The opportunity cost of moving from Point A to Point B is the
A. 30 LCD televisions that must be forgone to produce 60 additional OLED televisions. B. 90 LCD televisions that must be forgone to produce 20 additional OLED televisions. C. 30 LCD televisions that must be forgone to produce 20 additional OLED televisions. D. 120 LCD televisions that must be forgone to produce 40 additional OLED televisions.
The condition P = MC implies that
A. there is no consumer surplus for any consumer. B. the amount of consumer surplus is infinite. C. an individual who values the product at more than P will receive consumer surplus. D. an individual who values the product at less than P will receive consumer surplus.