Without price discrimination, a firm
A) faces a tradeoff when pricing a good that has customers with different willingness to pay.
B) cannot maximize profit.
C) has no market power.
D) does not get any producer surplus, with all of the surplus going to consumers.
A
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At a higher wage rate:
a. the opportunity cost of working increases. b. the opportunity cost of leisure increases. c. the opportunity cost of working decreases. d. the opportunity cost of leisure decreases.
Which of the following statements about the Social Security, Medicare, and Medicaid programs is true?
A) Spending on these three programs will rise from 10.4% of GDP currently to 19.7% of GDP by 2040. B) Costs are being driven up by the fact that Americans are living longer and medical costs are rising substantially. C) Some economists have argued for decreasing taxes to help with these programs' funding problems. D) Some economists have argued for increasing benefits to help with these programs' funding problems.