Firms choose to price discriminate
a. To earn higher profits
b. To sell goods to consumers who otherwise would not have purchased
c. Both a and b
d. None of the above
c
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
The majority of the members of the U.S. Congress want to retain the so-called Fairness Doctrine as a control over television and radio broadcasters because
A) competition by itself cannot produce fairness. B) government oversight is required to assure equal time for conflicting points of view. C) television and radio are local monopolies to a large extent. D) the air waves belong to the public. E) the doctrine gives more power and influence to members of Congress.
The price elasticity of demand along a linear demand curve is
A) more elastic at higher prices than at low prices. B) infinite. C) one. D) constant.
A dominant strategy is a strategy that is best for a player in a game regardless of the strategies chosen by the other players
a. True b. False Indicate whether the statement is true or false