The practice of charging different prices on the basis of varying customer preferences is known as:
a. arbitrage.
b. discounting.
c. price discrimination.
d. rationing.
C
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What assumptions in the perfect competition model ensure that economic profit is zero in the long run? Explain
What will be an ideal response?
If the price elasticity of supply is 0.4, and a price increase led to a 5% increase in quantity supplied, then the price increase is about
a. 0.25%. b. 1.2%. c. 2%. d. 12.5%.
Which of the following is an example of excessive influencing activities?
A. Estimating the elasticity of demand for your firm's product B. Cancelling a meeting with a client to play golf with your superiors C. Taking clients out for dinner D. Informing the manufacturing division of defects in a shipment
GDP overstates the productive capacity of a country when:
A. economic bads like pollution are produced and then must be cleaned up. B. there is a sizable underground economy. C. nonmarket production represents a large portion of the economy. D. working conditions improve, allowing jobs to be completed safer and faster.