The total burden of a tax equals tax receipts plus excess burden

The long-run average cost curve is the relationship between the highest attainable average total cost and output when both the plant size and labor are varied

Indicate whether the statement is true or false

Consider three pricing strategies that the firm can pursue:

a. optimal two-part tariff pricing b. perfect price discrimination c. single-price monopoly pricing. Of these three strategies, which is least likely to benefit society as a whole? A) single-price monopoly pricing because there are mutually beneficial trades (between consumers and seller) that are not exploited B) Both perfect price discrimination and two-part tariff pricing do not benefit society because the entire consumer surplus is extracted by the producer. C) perfect price discrimination because those willing to pay higher prices are forced to subsidize those who are not D) a two-part tariff pricing because consumers have to pay a fixed fee in addition to a per-unit price