In ____ price discrimination, the monopolist charges each consumer the highest price that purchaser is willing to pay for each unit purchased (provided that this price exceeds the marginal cost of production)
a. first-degree
b. second-degree
c. third-degree
d. a and b
e. none of the above
a
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The table above gives the demand schedule for snow peas. The price elasticity of demand between $6.00 and $7.00 per bushel is
A) 1.0. B) 2.0. C) 2.6. D) 5.0.
The legislative lag represents
A) the time it takes for policy makers to obtain data indicating what is happening in the economy. B) the time it takes for policy makers to be sure of what the data are signaling about the future course of the economy. C) the time it takes to pass legislation to implement a particular policy. D) the time it takes for policy makers to change policy instruments once they have decided on the new policy. E) the time it takes for the policy actually to have an impact on the economy.