"I woke up earlier today to beat other fishermen to the fish and yet I caught the same number of fish at 5 a.m. as I did at noon." Which of the following best explains this occurrence?
a. Many other fishermen also believe that they can catch a greater quantity of fish if they arrive earlier at the fishing area. So the area is crowded early in the day.
b. The fish do not care when they eat, so
they are likely to bite on the bait at any time during the day.
c. The catching of fish is mostly luck, so timing is not important.
d. The early bird catches the worm.
a
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Governments can increase the consumption of a product that helps in reducing negative externalities by
A) subsidizing the purchase of the product. B) taxing the consumption of the product. C) assigning property rights to the producer of the product. D) taxing the production of the product.
Price discrimination is the
A) refusal by a firm to sell to all customers. B) selling of a given product at more than one price when the price differences reflect cost differences. C) pricing of a product so that not everyone can afford it. D) selling of a given product at more than one price when the price difference is unrelated to cost differences.