Biology Forums - Study Force

In order for a firm to be able to price discriminate it must not be a price taker, there must be different demand from different groups of consumers, and there must be an ability to prevent resale.
 a. True
  b. False
  Indicate whether the statement is true or false

QUESTION 2

Absolute advantage is irrelevant, because knowing the absolute number of labor hours required to produce a good does not indicate if a country benefits from trade.
 a. True
  b. False
  Indicate whether the statement is true or false

QUESTION 3

Investments with _____ risk usually carry a _____ return.
 a. higher; lower
  b. lower; higher
  c. zero; high
  d. higher; higher

QUESTION 4

The model of perfect competition best applies to markets with:
 a. a few firms selling identical products.
  b. a few firms selling differentiated products.
  c. many firms selling differentiated products.
  d. many firms selling identical products.
  e. significant barriers to entry and exit.

QUESTION 5

In order to implement average cost pricing regulation, it is necessary to provide a natural monopolist with a subsidy equal to the economic loss.
 a. True
  b. False
  Indicate whether the statement is true or false

QUESTION 6

You decide that it is time to buy a big family car. The opportunity cost you consider is:
 a. the cost of the car.
  b. the increase in comfort for your family while traveling.
  c. the return this money would have earned if it was invested otherwise.
  d. the inconvenience you and your family are bearing on account of your old car.

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You are really a genius. Thanks