A perfectly competitive firm's short-run supply curve is the same as its

Perfect price discrimination

A) turns all the producer surplus into consumer surplus. B) turns all the consumer surplus into economic profit. C) creates a deadweight loss. D) cannot result in profit maximization.

When the housing bubble collapsed, the entire borrowing and lending engine of the economy ground to a halt because:

A. banks wanted to lend to no one, in case they turned out to be a bad risk. B. the herd instinct became to not borrow or lend. C. no one could tell which banks were safe, and which were not. D. All of these statements are true.