Under which of the following is consumer surplus zero?
A) all types of monopoly
B) only single-price monopoly
C) only perfectly price-discriminating monopoly
D) only price discrimination on the basis of the number of units purchased
E) perfect competition
C
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A reason that the inflation rate did not increase substantially following the recession of 2007-2009 is that
A) the increase in the monetary base was accompanied by larger-than expected increases in the money supply. B) even though the recovery was slow, the U.S. economy benefitted from a small output gap. C) the recovery was slow and the unemployment rate remained high through 2012. D) the Federal Reserve quickly implemented contractionary policy to prevent an increase in the inflation rate.
The minimum point on the average variable cost curve is called
A) the shutdown point. B) the break-even point. C) the loss-minimizing point. D) the point of diminishing returns.