When airlines offer lower fares to passengers who stay over a Saturday night, compared to regular fares, is an example of
A. vacation airfares.
B. market pricing.
C. collusion.
D. price discrimination.
Answer: D
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Which of the following activities is most likely to be counted in GDP?
A. Gail buys paper and crayons to donate to poor children in need of school supplies. B. Fran volunteers at the local veteran's hospital twice a month. C. Stu gave $5 to a homeless man he met in the park. D. Bud works hard five hours each week to make sure that his lawn always looks nice.
When Jane Brown writes a $100 check to her nephew and he cashes the check, Ms. Brown's bank ________ assets of $100 and ________ liabilities of $100
A) gains; gains B) gains; loses C) loses; gains D) loses; loses
The net increase to total surplus when a negative externality is corrected or eliminated is due to:
A. the transfer of surplus from those affected by the externality to the consumer. B. the reduced number of transactions in the market. C. the transfer of surplus from consumer or producer to those affected by the externality. D. None of these statements is true.
Compared to perfect competitors in the long run, oligopolists charge ______ prices and earn more ______.
Fill in the blank(s) with the appropriate word(s).