Price leadership:
A) has rarely occurred in U.S. history.
B) is always illegal in the United States.
C) is usually the result of a dominant firm in the industry.
D) usually results in the smaller firms in the industry incurring economic losses.
C
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In the economic way of thinking, what do entrepreneur's and bureaucrats have in common?
A) They each advance projects solely in the public interest. B) They each advance projects only if the expected marginal benefits exceed the expected marginal costs. C) They each advance projects only if the expected marginal benefits are less than the expected marginal costs. D) They each advance projects only if they impose no negative externalities.
Which of the following describes two-part tariff pricing?
A) A firm charges two different prices for the same good. B) An importer has to pay a tax at the nation's borders, and a sales tax when the good is sold. C) A buyer must pay a down payment and monthly payments to buy big-ticket items such as a car, a plasma television, or a suite of furniture. D) A buyer pays an initial price for entrance to the market and an additional fee for each unit of the product purchased.