What is one reason consumers might demand a discount for quantity purchases?
A) higher storage costs
B) lower marginal cost
C) lower marginal benefit
D) price gouging
A
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Use the following graph for a profit-maximizing pure monopoly to answer the next question.
At equilibrium, the firm will be generating ________.
A. a loss B. a normal profit C. an economic profit D. a profit that cannot be determined from the given graph
Which of the following properties must a good have to be used as money?
A) It should be a durable good. B) It should be issued by a government of central bank. C) It should have intrinsic value. D) It should be shiny.
Under which one of the following market structures are sellers most likely to consider the reaction of rival sellers when they set the price of their product?
a. Perfectly competition. b. Monopoly. c. Monopolistic competition. d. Oligopoly.
In macroeconomics, game theory focuses on the strategic interactions between which of the following groups of agents?
A) individuals; firms B) individuals and firms; policy makers C) policy makers; economic forecasters D) individuals and firms; economic forecasters