When a monopolist switches from charging a single price to perfect price discrimination, it reduces ( )
A. the quantity produced.
B. the firm’s profit.
C. consumer surplus.
D. total surplus.
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A change in which of the following will NOT shift the demand curve for hamburgers? ( )
A. the price of hot dogs
B. the price of hamburgers
C. the price of hamburger buns
D. the income of hamburger consumers
If the economy goes into a recession and incomes fall, what happens in the markets for inferior goods? ( )
A. Prices and quantities both rise.
B. Prices and quantities both fall.
C. Prices rise, quantities fall.
D. Prices fall, quantities rise.
A life-saving medicine without any close substitutes will tend to have ( )
A. a small elasticity of demand.
B. a large elasticity of demand.
C. a small elasticity of supply.
D. a large elasticity of supply.
When a good is taxed, the burden of the tax falls mainly on consumers if ( )
A. the tax is levied on consumers.
B. the tax is levied on producers.
C. supply is inelastic, and demand is elastic.
D. supply is elastic, and demand is inelastic.
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