Which of the following is NOT a condition for price discrimination to exist?
A) downward sloping demand curve faced by the firm
B) identification of buyers with differing elasticities
C) unpatented product or the service
D) ability to prevent the resale of the product or service
Answer: C
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Which of the following are implicit costs for a typical firm?
a. Insurance costs. b. Electricity costs. c. Opportunity costs of capital owned and used by the firm. d. Cost of labor hired by the firm. e. The cost of raw materials.
Which of these factors can explain the short recession experienced by the U.S. in 2001?
a. Terrorist attacks b. The stock market crash c. Bursting of the real estate bubble d. A rise in international oil prices e. Expenditure on war
When wages decrease a. the substitution effect increases the quantity of labor supplied. b. the substitution effect increases the supply of labor
c. the income effect increases the quantity of labor supplied. d. the income effect increases the supply of labor.
The demand curve depicts quantities demanded that have been gathered as prices have changed over time
a. True b. False Indicate whether the statement is true or false