Which of the following is NOT a condition for price discrimination to exist?
A) downward sloping demand curve faced by the firm
B) identification of buyers with differing elasticities
C) unpatented product or the service
D) ability to prevent the resale of the product or service
C
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A normative statement deals with:
A) the facts. B) what was, is, or will be. C) what ought to be. D) the scientific method
Stabilization policies are actions taken to bring the economy closer to full employment.
Answer the following statement true (T) or false (F)
Expenditures on advertising ________
A) can lower average total cost if the advertising increases the quantity sold by a large enough amount B) cannot lower average total cost because when a firm advertises it increases its costs C) always lower average total cost because whenever a firm advertises, it increases the quantity sold D) are variable costs so do not affect the average total cost
The Social Security system is financed by
A) a tax on individual retirement accounts. B) a payroll tax paid only by employers. C) a payroll tax paid by both employers and employees. D) a tax on luxury goods.