In a Malthusian world, what event would improve temporarily the standard of living, as measured by output per capita?
A) a peace keeping mission
B) an increase in violent crime
C) a new mutation of germs
D) a new sewer system
B
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Price discrimination is a rational strategy for a profit-maximizing firm when
A) it is possible to engage in arbitrage across market segments. B) there is no opportunity for arbitrage across market segments. C) it is not possible to segment consumers into identifiable markets. D) firms want to increase the amount of consumer surplus received by its customers.
If a firm is producing the level of output at which short-run average cost equals long-run average cost, then
A. the firm has chosen the cost-minimizing combination of inputs to produce this level of output. B. the firm has chosen the profit-maximizing level of output. C. with a fixed amount of capital, short-run average cost is greater than long-run average cost at any other level of output. D. both a and b E. all of the above