The key idea behind price discrimination is to convert consumer surplus into
A) a barrier to entry.
B) economic profit.
C) deadweight loss.
D) monopoly power.
E) total cost.
B
Economics
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In the long run, firms in monopolistic competition earn zero economic profit. When firms earn zero economic profit, in the long run they exit the industry
A) The first sentence is correct and the second sentence is incorrect. B) The first sentence is incorrect and the second sentence is correct. C) Both sentences are correct. D) Both sentences are incorrect. E) More information about the presence or absence of barriers to entry and exit is needed to determine if the statements are true or false.
Economics
A general increase in the price level is called:
A. hyperinflation. B. deflation. C. inflation D. devaluation.
Economics