What is a fringe benefit?
a. a cash payment for casual work
b. a business other than sales or marketing
c. a payment other than wages or salaries
d. an accounting term meaning profits
Ans: c. a payment other than wages or salaries
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A ________ can price discriminate if, in part, it ________
A) natural monopoly; is the only seller of a good or service B) monopoly; can prevent resales of its product C) monopoly; is the only seller of a good or service D) perfectly competitive firm; can sell goods at a lower price than a monopoly E) perfectly competitive firm; changes from a price taker to a price maker
A student makes the following argument: "When a market is in equilibrium, there is no consumer surplus. We know this because in equilibrium, the market prices is equal to the price consumers are willing to pay for the good. Briefly explain whether you agree with the student's argument.
If, at the current price, there is a shortage of a good, then
a. sellers are producing more than buyers wish to buy. b. the market must be in equilibrium. c. the price is below the equilibrium price. d. quantity demanded equals quantity supplied.
Which of the following is an example of monopoly?
A. Local utility industry in a small town B. Bread industry in New York City C. Shoe industry in the United States D. Newspaper industry in New York City