If a monopolist is able to practice perfect price discrimination, there will be no deadweight loss.
Answer the following statement true (T) or false (F)
True
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Average fixed cost
A) does not change as total output increases or decreases. B) varies directly with total output. C) falls continuously as total output expands. D) rises as the output is expanded.
The economic argument supporting free trade is based on the principle of
a. absolute advantage. b. comparative advantage. c. protection. d. tariffs and quotas.
An increase in demand involves
A) Movement along the demand curve. B) A shift in the supply curve to the right. C) A shift in the demand curve to the left. D) None of the above.
A poorly functioning government can do which of the following to an economy?
A. lead to corruption B. waste society's resources C. destroy incentives D. all of the above