Which of the following is not an example of price discrimination?
A. mattress sales on Memorial Day
B. student discounts at museums
C. rental car companies charging lower prices to local residents than to out-of-state residents
D. children's discounts at amusement parks
Answer: A
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Contractors can use plywood or brick to construct walls. Suppose the price of bricks increases. Which of the figures above best illustrates the effect of this change on the market for plywood?
A) Figure A B) Figure B C) Figure C D) Figure D E) Figure A or Figure C depending on how contractors react to the higher price of bricks.
As output increases, the AVC
a. increases. b. decreases. c. remains the same. d. falls and then rises.
During the past decade, U.S. imports of business services have ________, U.S. exports of business services have ________, and U.S. net exports of business services have ________
A) increased; increased; increased B) increased; decreased; decreased C) decreased; increased; increased D) increased; increased; not changed E) decreased; decreased; increased
If all Pareto improvements have been made
A) the result is increased government regulations. B) the outcome is Pareto efficient. C) consumer surplus is maximized. D) monopolists are unhappy.