Under J.C. Penney's everyday low pricing policy, the everyday low prices
A) were always lower than the sale prices under the previous policy.
B) ended up being the highest prices ever charged by the company.
C) ended up being higher than the sale prices under the previous pricing policy.
D) were not actually charged every day, but only once a month during half-off sales.
Question 2
Why does a monopoly cause a deadweight loss?
A) because it does not produce some output for which demand exceeds supply
B) because it increases producer surplus at the expense of consumer surplus
C) because it appropriates a portion of consumer surplus for itself
D) because it does not produce some output for which marginal benefit exceeds marginal cost
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Prices in Japan before and after Opening to Trade