Which of the following will make price discrimination difficult for a monopolist?
A) the possibility of resale of the product
B) a constant marginal cost curve
C) an increasing marginal cost
D) a downward sloping demand curve
A
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What is Total Quality Management (TQM)?
A) a philosophy of supplying customers with superior products and services B) an exchange of information with suppliers and customers to create efficient and effective processes C) a software system that integrates a company's functions, departments, and data into a single system D) a system that speeds the transformation of raw materials into finished products
Assume the price of beer is $4, the price of pizza is $10 and the consumer's income is $250. Which consumption bundle will NOT be the consumers choice?
A) 5 beers, 5 pizzas B) 0 beers, 25 pizzas C) 25 beers, 15 pizzas D) None of the bundles will be chosen.
Third-degree price discrimination exists when
A) the seller knows exactly how much each potential customer is willing to pay and will charge accordingly. B) different prices are charged by blocks of services. C) when the seller can separate markets by geography, income, age, etc., and charge different prices to these different groups. D) when the seller will bargain with buyers in each of the markets to obtain the best possible price.
Income-in-kind is
A) money income. B) received in the form of goods and services. C) income in dollars. D) used to buy goods and services.