The profits from firms who engage in first-degree price discrimination are_____.
A. price-gouging their customers
B. showing increased opportunity costs
C. less than firms who do not use price discrimination
D. equal to consumer surplus
Answer: D
Economics
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With price on the vertical axis and quantity on the horizontal axis, economists would draw an increase in supply as
A) a leftward shift in the supply curve. B) a rightward shift in the supply curve. C) a vertical supply curve. D) any which way we like.
Economics
When economists speak of preferences as influencing demand, they are referring to
A) directly observable changes in prices and income. B) an individual's attitudes toward goods and services. C) the excess of wants over the available supplies. D) the availability of a good to all income classes.
Economics