Question

Question 10 (1 point)

Profit is defined as:

Question 10 options:

a)	net revenue minus depreciation.

b)	average revenue minus average total cost.

c)	marginal revenue minus marginal cost.

d)	total revenue minus total cost.

Question 11 (1 point)

To maximize profit a firm in a competitive market increases output until:

Question 11 options:

a)

P = TC.

b)

P = AC.

c)

P = MC.

d)

P = AR.

Question 12 (1 point)

A museum in Russia used to have two entrances: one for locals (written in Russian) and one for tourists (written in English). People who entered through the entrance written in Russian paid about $3.00. English-speaking tourists generally used the entrance written in English, and paid about $15.00. This practice is an example of:

Question 12 options:

	price manipulation.
	international price mediation.
	price discrimination.
	price exploitation.

Question 13 (1 point)

Price discrimination can be defined as:

Question 13 options:

	selling different products to the same consumers in the same market.
	selling the same product in two different markets.
	selling the same product at two different prices in two different markets.
	exporting goods to foreign countries.

Answer 1