1) What is meant by perfect price discrimination?

Select one:

A.A situation where all customers are charged the lowest price they are willing to pay for each unit of a product bought.

B.A situation where all customers are charged the highest price they are willing to pay for each unit of a product bought.

C.A situation where some customers are charged the same price for different products

D.A situation where some customers are charged the lowest price they are willing to pay for each unit of a product bought.

E.A situation where a few customers are charged the highest price they are willing to pay for each unit of a product bought.

2)Technical economies of scale are closely related to which of the following?

Select one:

A.Decreasing returns to scale.

B.Increasing returns to scale.

C.Falling short-run marginal cost.

D.Rising short-run average total cost.

E.The law of diminishing returns.

3) When is the marginal revenue product of a factor at a maximum?

Select one:

A.When its marginal product is at a minimum.

B.When average product is at its maximum.

C.When the firm's total product is at a maximum.

D.When both its marginal product and the firm's total product are at a maximum.

E.When its marginal product is at a maximum.

4)What is the term for the profit per unit produced; that is, the total profit divided by output?

Select one:

A.Average profit.

B.Economic profit.

C.Marginal profit.

D.Normal profit.

5Given the following data and assuming the product can be sold for $3 per unit, fill in Table 12.1.