Marginal revenue is less than price for price searchers
A) because they are monopolists.
B) because they necessarily have some costs.
C) if they enjoy grants of legal privilege.
D) when they cannot charge all customers the maximum they are willing to pay for each unit purchased.
E) when they have the ability to practice price discrimination.
D
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Suppose the market supply curve for wheat is shown in the above figure. Calculate the producer surplus when price is $2 per bushel. If legislation mandates that the price be $1 per bushel, what is the resulting loss in producer surplus?
What will be an ideal response?
A job loser is an individual
A) in the labor force whose employment was involuntarily terminated. B) who used to work full time but left the labor force and has now reentered it looking for a job. C) in the labor force who quits voluntarily. D) who has never held a full-time job lasting two weeks or longer but is now seeking employment.