Silent auctions are an example of what type of price discrimination?
A. First-degree price discrimination.
B. Second-degree price discrimination.
C. Third-degree price discrimination.
D. It is not price discrimination.
Answer: A
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In the short run, a perfectly competitive firm will make an economic profit as long as
A) it maximizes its profit. B) P > AVC. C) P > AFC. D) P > ATC.
When a variable is determined by a factor outside of the function or model being evaluated, it is said to be
A) endogenous. B) exogenous. C) unexplained. D) statistically insignificant.
Bob's Baubles, Inc, sells its product for $3 each in a perfectly competitive market. If it increases its workforce from 1,000 to 1,001, its output goes from 615 to 625 per day. Its marginal revenue product for the 1,001st worker is: a. $3
b. $1, 845. c. $30. d. $3,003.
Taxes for the most part are efficient because they retain incentives and align the values that buyers and sellers place on goods and services
a. True b. False Indicate whether the statement is true or false