Which of the following statements is true?
A) In the short run, a firm can vary all its inputs.
B) In the long run, a firm cannot vary any of its inputs.
C) Short-run cost curves lie above long-run cost curves.
D) Short-run cost curves lie below long-run cost curves.
C
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Which of the following observations is true?
a. A market produced with allocative efficiency if a monopoly exists. b. A market can provide "public goods." c. A market makes public and personal services inexpensive. d. A market distributes income equally.
To practice third-degree price discrimination, a pure monopoly must ________.
A. permit the resale of the product by the original buyers B. be able to separate buyers into different groups with different price elasticities C. charge one price to all buyers D. be a natural monopoly