Differentiating products to suit customers\' tastes is a form of price discrimin

Question

Differentiating products to suit customers' tastes is a form of price discrimination?

1- True or

2- False

If a perfectly competitive firm's price is less than its average total cost but greater than its average

variable cost, the firm?

Answer

Is earning a profit

Should shut down

Is incurring a loss

Is breaking even

The National Football League has long-term leases with the stadiums in major cities. Control of these stadiums is an entry barrier to a potential new football league.

Answer

True

False

If the firm is producing 700 units, what is the amount of its profit or loss?

Answer

loss of $280

loss equivalent to the area A

profit equivalent to the area A

There is insufficient information to answer the question.

A.

Is earning a profit

B.

Should shut down

C.

Is incurring a loss

D.

Is breaking even

The National Football League has long-term leases with the stadiums in major cities. Control of these stadiums is an entry barrier to a potential new football league.

Answer

True

False

If the firm is producing 700 units, what is the amount of its profit or loss?

Answer

A.

loss of $280

B.

loss equivalent to the area A

C.

profit equivalent to the area A

D.

There is insufficient information to answer the question.

Explanation / Answer

1. False.

2.

Is incurring a loss

3.

There is insufficient information to answer the question.

C.

Is incurring a loss

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