For a firm to maximize total profits through price discrimination, it should
a. charge a low price to high-value consumers and a high price to low-value consumers
b. charge a high price to high-value consumers and a high price to low-value consumers
c. charge a low price to high-value consumers and a low price to low-value consumers
d. charge a high price to high-value consumers and a low price to low-value consumers
d
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The ________ effect means that, other things remaining the same, the higher the wage rate, the less time people will spend working and the more time people will spend at leisure
A) price B) labor C) income D) substitution
Is it possible to see gains in a nation's real standard of living without any positive economic growth?
A) No, a nation's standard of living cannot improve without economic growth. B) Yes, but only if the government prints more money so people feel rich. C) Yes, if workers can produce the same level of output in fewer work hours, so that more leisure time could push up the real standard of living. D) None of the above: Economic growth has nothing to do with a nation's standard of living.
Which of the following will not cause a movement along the supply curve?
a. Changes in the sellers' expectations. b. Increases in taxes per unit of output. c. Advances in technology. d. All of these.
When governments provide information to unemployed people about which professions are experiencing rising demand for labor, they are trying to minimize the effects of which kind of unemployment?
A. Frictional unemployment B. Structural unemployment C. Seasonal unemployment D. Cyclical unemployment