The standard of living (measured by what one can purchase with after-tax income) of free Americans on the eve of the Revolution was ______
a. lower than in 18th -century England, and lower than most people in the "Third World" today.
b. higher than in 18th -century England, and higher than most people in the "Third World" today.
c. lower than in 18th century England, but higher than most people in the "Third World" today.
d. higher than in 18th- century England, but lower than most people in the "Third World" today.
b. higher than in 18th century England, and higher than most people in the "Third World" today.
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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.
Which of the following statements is true?
A. In a command economy, consumers answer the questions of what to produce, how to produce it, and how to distribute it. B. Planned economies have fared very well in recent years, with many of these economies thriving. C. Command economies operate the most efficiently because the government makes all the production decisions. D. In command economies consumers still exercise choice.