One necessary element of price discrimination is ______.
a. high market power
b. ignoring customer willingness to pay
c. relative ease in reselling discounted products
d. low elasticity of demand
a. high market power
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Specialization is the result of:
A) hiring experienced workers. B) paying higher wages to experienced workers. C) workers developing a certain skill set. D) increased demand for a firm's commodity.
(Refer to the figure provided in the text.) For the share of income spent on food to remain constant as income rises, the Engel curve must
a. lie above the 45-degree line. b. lie below the 45-degree line. c. be equal to the 45-degree line. d. bisect the 45-degree line.
The law of supply implies that
A. Supply curves are downward-sloping to the right. B. Supply curves are flat. C. A change in a determinant of demand shifts the supply curve. D. Supply curves are upward-sloping to the right.
Refer to the information provided in Figure 4.4 below to answer the question(s) that follow.
Figure 4.4Refer to Figure 4.4. The United States will import 2 million barrels of oil per day if a ________ per barrel tariff is levied on imported oil.
A. $25 B. $50 C. $100 D. $150