If a monopolist is able to practice perfect price discrimination, there will be no consumer surplus.
Answer the following statement true (T) or false (F)
True
You might also like to view...
Slaves were
(a) unprofitable substitutes for wage labor on plantations. (b) profitable complements to capital equipment. (c) denied the use of shovels, hoes and axes. (d) all of the above.
In a market-oriented economy, _____
a. buyers and sellers get together to make economic decisions about the four fundamental economic questions b. an exchange is made without any agreement on immediate or future rewards c. the government makes economic decisions about the four fundamental economic questions d. goods and services are directly exchanged for other goods or services
Demand is inelastic if
A) a given percentage change in price will result in a less than proportionate percentage change in the quantity demanded. B) demand exhibits zero responsiveness to price changes. C) small price increases will lead to zero quantity demanded. D) a given percentage change in price will result in a greater than proportionate percentage change in the quantity demanded.
If the absolute price elasticity of demand is equal to 1 in the short run, then in the long run, other things being equal, the absolute price elasticity of demand will be
A. equal to zero. B. greater than one. C. less than one. D. less than zero.