Which of the following is NOT a necessary condition for a firm to price discriminate?
A) The firm must be able to separate markets.
B) Buyers in different markets must have different elasticities of demand.
C) Resale of the product must be preventable.
D) The firm must be a price-taker.
D
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Refer to the scenario above. A firm producing Good Y will ________
A) earn economic profits if it charges a price of 120 B) incur losses if it charges a price of $200 C) earn zero economic profits if it charges a price of $170 D) shut down production if price falls below $200
A(n)_______ is a numeric value assigned to credit habits, bill paying, and history
a. FICO Score b. Annual percentage score c. Financial Score d. FDIC Score
Pretty Polly produces dresses for little girls. At its current advertising level, Pretty Polly's marginal cost of advertising is $500,000 and their marginal benefit is $750,000. Which of the following is true?
A) If the firm increases the amount of advertising, its net profits will decrease. B) The firm is currently maximizing its net profit. C) The firm should increase the amount of advertising to increase its net profit. D) The firm should reduce the amount of advertising to increase its net profit.
An economist is told that concentration in the cement industry has increased. He can safely conclude that
a. cement production must have fallen in the industry. b. competition in the cement industry has decreased. c. there are fewer cement producers than before. d. All of the above are correct.