If the price elasticity of demand for airline tickets is 2.0 for a leisure traveler and 0.5 for a business traveler, then a price-discriminating monopolist would charge
A) a higher price for the business traveler than the leisure traveler.
B) the same price for both travelers.
C) a lower price for the business traveler than the leisure traveler.
D) a less profitable price for the business traveler than the leisure traveler.
A
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A firm will practice price discrimination when it believes that by doing so it will be able to increase total
A) sales. B) revenue. C) profits. D) production.
An oligopoly market is characterized by limited number of sellers, each having complete control over the market price level as in case of monopoly
Indicate whether the statement is true or false
Which of the following provides medical insurance for individuals who fall below the poverty line?
a. Medicaid b. Medicare c. Affordable Care Act d. Temporary Assistance for Needy Families
Economists define full employment as the level of employment that results when
a. the economy is in an economic boom. b. the rate of unemployment is zero. c. the rate of unemployment has fallen to its historical low of approximately two percent. d. the rate of unemployment is normal, considering both frictional and structural factors.