In the real world
A) many firms charge different prices based on consumers' willingness to pay.
B) all sellers charge one price set by the government.
C) profitable sellers will set one price based on the average elasticity of demand of buyers.
D) all sellers charge one price equal to the marginal cost of production.
A
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Between 2013 and 2016, a country's nominal GDP grew by 18 percent and its inflation rate (based on the chain-weighted price index for GDP) was 11 percent. How fast did real GDP grow over this period?
What will be an ideal response?
In the absence of property rights, factories will dump waste into a waterway up to the point where ________ equals ________
A) marginal social cost; marginal social benefit B) marginal social cost; marginal private cost C) marginal private cost; marginal private benefit D) marginal private cost; marginal social cost