In the above figure, the letters A, B, and C represent which positions in the business cycle?
A) peak, expansion, and recession, respectively
B) recession, expansion, and peak, respectively
C) expansion, peak, and recession, respectively
D) peak, recession, and expansion, respectively
D
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Price discrimination, where different units of a good are sold for different prices
A) is impossible because there can only be one market price. B) can be effectively practiced by all monopolists. C) maximizes consumer welfare because each consumer pays only the price he or she is willing to pay. D) is possible if the good cannot be resold.
Sally and Joe recently graduated from college, both majoring in history. Joe took a prestigious job as a legal clerk. Sally took a job as a specialist in fighting forest fires. Both received additional training before entering their jobs. Who will likely earn a higher salary and why?