Along a downward-sloping linear demand curve
A) the marginal utility from the consumption of each unit of the good rises and the total utility from consuming larger quantities remain constant.
B) the marginal utility from the consumption of each unit of the good and the total utility from consuming larger quantities remain constant.
C) the marginal utility from the consumption of each unit of the good falls and the total utility from consuming larger quantities increases.
D) the marginal utility from the consumption of each unit of the good and the total utility from consuming larger quantities increase.
C
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To buy season tickets at the new Levi's Stadium, 49ers fans have to buy a Personal Seat License (PSL) that then allows them to buy season tickets for the next 30 years. This is an example of
A) why the NFL shouldn't have anti-trust exemptions. B) two-part pricing, where the PSL is the lump-sum payment. C) pure bundling pricing. D) positively correlated pricing.
Compared to perfect competition, monopoly in the long run
a. restricts output. b. charges a higher price. c. produces at less than minimum average cost. d. All of the above are correct.