A monopolist who has a ________ and perfectly price discriminates appropriates all consumer surplus as profit.
A. horizontal ATC schedule
B. vertical ATC schedule
C. demand curve which is the same as its MR curve
D. downward-sloping MR curve
Answer: A
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
In a first-price sealed-bid auction, the ________ bidder wins the good being auctioned
A) lowest B) second-highest C) highest D) first
M1 is a measure of
A) money and includes both currency and checking deposits. B) liquidity and in which the most liquid asset is money. C) money and includes both savings deposits and currency. D) money and includes both savings deposits and money market mutual funds.
Which of the following is infrastructure?
a. Highways. b. Bridges. c. Airports. d. All of these.