Which of the following pricing policies does NOT extract the entire consumer surplus from the market?
A. Block pricing
B. First-degree price discrimination
C. Two-part pricing
D. Peak load pricing
Answer: D
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Explain the law of diminishing marginal utility. How does it relate to the shape of the demand curve?
What will be an ideal response?
The term "utility" describes the level of satisfaction or pleasure that people receive from their choices
a. True b. False Indicate whether the statement is true or false
In 2014, the typical Bangladeshi had about
a. more than half the real income of a typical American a century ago. b. the same real income of a typical American a century ago. c. 2 times as much real income as that of a typical American a century ago. d. 4 times as much real income as that of a typical American a century ago.
A country which has a higher ratio of capital to other factors of production than does the rest of the world is
A. relatively capital-scarce. B. said to have a low capital-output ratio. C. operating at a point inside its production-possibility curve. D. relatively capital-abundant.