In order for effective price discrimination to occur, a seller must
a. be a pure monopolist.
b. have large economies of scale and control over a key natural resource.
c. face a horizontal demand curve for its product.
d. have at least two distinguishable groups of consumers.
D
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A soil bank program usually accompanies a price ceiling program in agriculture
Indicate whether the statement is true or false
When the number of Alaskan fishermen increased, salmon prices fell to record lows. This could be shown graphically by a shift in the:
A. supply curve right. B. demand curve left. C. supply curve left. D. demand curve right.
The Bretton Woods agreements
A. established a system of fixed exchange rates based on the free convertibility of the U.S. dollar into gold. B. established a system of fixed exchange rates based on the gold standard. C. permitted countries with a balance of payments deficit to make regular devaluations of their currencies. D. established GATT to police and manage exchange rates.
One reason for the year-to-year instability of agricultural product demand is the:
A. High price-elasticity for agricultural products B. Fluctuations in weather patterns C. Declining role of technological progress in agriculture D. Greater dependence on exports to foreign markets