Purchasing a season pass to the local symphony
A) is an example of first degree price discrimination.
B) is an example of second degree price discrimination.
C) is an example of third degree price discrimination.
D) All of the above.
B
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A monopolistically competitive firm earning profits in the short run will find the demand for its product decreasing and becoming more elastic in the long run as new firms move into the industry until
A) the original firm is driven into bankruptcy. B) the firm's demand curve is perfectly elastic. C) the firm exits the market. D) the firm's demand curve is tangent to its average total cost curve.
The amount of consumption in an economy correlates:
A. Inversely with the level of disposable income B. Directly with the level of disposable income C. Directly with the level of saving D. Directly with the rate of interest