At many amusement parks, customers who enter the park after 4 p.m. receive a steep discount on the price they pay. This is a type of price discrimination because the amusement park charges a lower price to
a. people who have a more elastic demand for amusement parks.
b. people with 9-to-5 jobs.
c. students who can't visit until after 4 p.m. anyway.
d. people who have a more inelastic demand for amusement parks.
a. people who have a more elastic demand for amusement parks.
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Refer to Figure 4.2. The game described in the payoff matrix is an example of a(n) ________ game
A) prisoner's dilemma B) pure coordination C) assurance D) battle of the sexes
The statement "An increase in the price of gasoline will lead to a decrease in the amount purchased" is
A) a political statement. B) a positive statement. C) a normative statement. D) a scientific statement.
If a firm is experiencing diseconomies of scale, its long-run average cost curve is increasing
Indicate whether the statement is true or false
Assume there is an increase in the price of electricity (which is the result of a decrease in the supply of electricity), and electricity and natural gas are substitutes
How would this affect the demand for natural gas, and what would happen to the equilibrium price and quantity of natural gas?