If a firm faces a flat demand curve,
A) it cannot engage in price discrimination.
B) it can only engage in two-part tariffs.
C) it can only engage in perfect price discrimination.
D) None of the above.
A
You might also like to view...
You hear that the price of gasoline will fall 20 cents overnight. This will tend to
A) increase your demand today. B) decrease your demand tomorrow. C) increase your demand tomorrow. D) leave your demand unchanged both today and tomorrow, especially if it is highly elastic to changes in prices.
The monopsony will hire the amount of labor so that the
A) demand for labor equals supply for labor. B) value of marginal product of labor equals the wage rate. C) value of marginal product of labor equals the marginal cost of labor. D) supply for labor equals the wage rate.
A disadvantage of team production compared to contracting out is that
a. transaction costs are often higher with team production. b. the level of specialized knowledge required by team production is greater than with contracting out. c. the problem of shirking must be more carefully addressed with team production. d. team production increases the cost of production in most situations.
Suppose that some country had an adult population of about 50 million, a labor-force participation rate of 60 percent, and an unemployment rate of 5 percent. How many people were employed?
a. 1.5 million b. 28.5 million c. 30 million d. 47.5 million