Many bars close to campuses have started offering cheaper beer to consumers with a student IDs. These bars are using
a. Direct price discrimination
b. Indirect price discrimination
c. Decreasing returns to scale
d. None of the above
a
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When demand for a product increases,
A) suppliers change their plans. B) demanders change their plans. C) the price changes. D) all of the above occur. E) none of the above occur.
Gains from trade can only occur when
A) marginal rates of substitutions differ across people. B) marginal rates of substitution are equal across people. C) indifference curves are convex. D) people find themselves on the contract curve.
Which of the following statements is not correct?
a. Critics of advertising argue that firms advertise to manipulate consumers' tastes. b. Defenders of advertising argue that advertising provides valuable product information to consumers. c. An industry with many brand name products will be more competitive than one with many generic products. d. The willingness of a firm to spend a large amount of money on advertising can signal the quality of the product.
In Econland exports equal 25 percent of total output, while imports equal 20 percent of total output. Econland has a:
A. budget surplus. B. trade deficit. C. budget deficit. D. trade surplus.