Information products (e.g., software)
A) have relatively high fixed costs but low marginal and average variable costs.
B) have relatively low fixed costs but high marginal and average variable costs.
C) have relatively high fixed costs and relatively high marginal and average variable costs.
D) have relatively low fixed costs and relatively low marginal and average variable costs.
Answer: A
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Rent seeking through lobbying
A) reduces deadweight loss. B) uses up resources that result in additional costs to society. C) results in perfect price discrimination. D) results in perfectly competitive industries.
From 2000 to 2014, the dollar depreciated substantially against other currencies. This drop in value most likely benefitted
A) European citizens traveling in the U.S. B) U.S. citizens traveling in Europe. C) U.S. manufacturers importing parts from abroad. D) U.S. citizens purchasing foreign-made automobiles.