Refer to Figure 9.1. If the market is in equilibrium, the producer surplus earned by the seller of the 1st unit is ________
A) $5.00
B) $10.00
C) $15.00
D) $20.00
E) $40.00
D
Economics
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Which is NOT a necessary condition for price discrimination to exist?
A) The firm must face a downward sloping demand curve. B) The firm must identify buyers with different elasticities of demand. C) The firm must be able to prevent resale of the product or service. D) The firm must establish different prices to reflect marginal cost.
Economics
The U.S. distribution system is
A. identical to that of the former Soviet Union. B. based on a pure socialist economy. C. determined by a modified version of one dollar, one vote. D. similar to the fascist 1930's Germany.
Economics