A monopoly can successfully price discriminate as long as there are no close substitutes for its product
a. True
b. False
Indicate whether the statement is true or false
False
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Economists often examine GNP to estimate changes in the well being of people. If one only studied GNP, which of the following would lead one to overestimate the true increases in peoples' well being?
a. Decreasing average hours of work b. Increasing life expectancy c. Decreasing levels of pollution d. Decreasing amounts of production in the home e. Increases in product quality
A consumer's budget constraint is drawn on a graph with the number of sandwiches measured along the horizontal axis and the number of bowls of soup measured along the vertical axis. Hold the consumer's income and the price of a sandwich fixed, and increase the price of a bowl of soup. Describe the effect on the budget constraint