Price discrimination is prevented in situations where
A) customers can resell the good.
B) firms have monopolies.
C) there are legal barriers to entry.
D) there are no close substitutes for the good or service.
E) customers have different willingnesses to pay for the good.
A
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In the presence of asymmetric information with costless monitoring and enforcement, a hire contract results in production efficiency
Indicate whether the statement is true or false
Consider the following three market baskets:
Food Clothing A 15 18 B 13 19 C 14 17 If baskets B and C are on the same indifference curve, and if preferences satisfy all four of the basic assumptions, then: A) A is preferred to C. B) A is preferred to B. C) Both A and B answer choices are correct. D) none of the above
If ZipCo's marginal revenue product curves slope downward, what can we conclude about the structure of the market in which ZipCo sells its product?
a. The firm is a price searcher because price is greater than marginal revenue. b. The firm is a price taker because price is equal to marginal revenue. c. The firm is a price searcher because the price of each resource is constant. d. The firm is a price taker because the price of each resource is constant. e. Nothing.
Human capital refers to:
A. the skills and knowledge that enable a worker to be productive. B. machinery used by labor in production. C. the accumulated financial wealth of households. D. physical capital owned by households rather than businesses.