If Best Dogs only sells their hot dogs in packages of eight, all of the following are true except which one?
A) Best Dogs' customers are spending the consumer surplus they would have received on the first few hot dogs on the last few hot dogs.
B) Best Dogs has market power.
C) Best Dogs is practicing second-degree price discrimination.
D) Best Dogs is changing consumer surplus into profit.
C) Best Dogs is practicing second-degree price discrimination.
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When the marginal product curve is above the average product curve, ________ as output increases
A) average product must decrease B) average product must increase C) marginal product must decrease D) marginal product must increase
Name the four types of market structure in order from most competitive to least competitive
What will be an ideal response?
Complete "crowding-out" describes the situation in the economy when
A) fiscal policy is effective in changing output. B) the shift in the LM curve by monetary policy is "impotent." C) the shift in the IS curve by fiscal policy is "impotent." D) fiscal policy crowds out monetary policy.
Recall the Application about the policies used by the European Union to support the agricultural sectors of is member countries to answer the following question(s). According to this Application, the policies used by the European Union to support the agricultural sectors of its member countries created excess supply. Excess supply can be generated if a government establishes a:
A. price ceiling below the market equilibrium price. B. price ceiling above the market equilibrium price. C. price floor below the market equilibrium price. D. price floor above the market equilibrium price.