A firm can maximize profits in the short run by producing output where
a. MC = MR and the MC curve crosses the MR curve from above (as long as P>AVC)
b. TC = TR
c. MR - MC = TR - TC
d. MC = MR and the MC curve crosses the MR curve from below (as long as P>AVC)
e. TR = TC and the TC curve crosses the TR curve from below
D
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Third-degree price discrimination occurs when:
A) different groups of consumers are charged different prices. B) consumers are charged different prices at different points of time. C) consumers are charged different prices according to their willingness to pay. D) consumers are charged different prices based on the characteristics of their purchases.
An economist is conducting a survey to evaluate a program launched by the government
He ends up collecting data on those households that were adversely affected by the program, reaffirming his own belief that the program has been largely unsuccessful. This is an example of a(n) ________. A) confirmation bias B) attentional bias C) attenuation bias D) distinction bias