Recall the Application about price discrimination using refillable soda bottles to answer the following question(s).According to the Application, who are the customers who have a more elastic demand?
A. The consumers who bring refillable bottles to get a discount.
B. The consumers who buy the disposable bottles.
C. All consumers.
D. The consumers who do not buy soda through refillable or disposable bottles.
Answer: A
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Refer to Figure 9-3. If there was no quota, how many pounds of peanuts would domestic producers supply?
A) 10 million B) 28 million C) 30 million D) 40 million
At the point where actual inflation is equal to expected inflation
A) the unemployment rate is zero. B) there is no short-run Phillips curve, as this situation only occurs in the long run. C) the short-run Phillips curve intersects the long-run Phillips curve. D) the short-run Phillips curve is the same as the long-run Phillips curve.
What are the payoffs in the typical duopoly game?
A. Increased barriers to entry. B. Profits. C. Increased economies of scale. D. Product differentiation.
Which would indicate that a firm is operating under conditions of pure competition and is being productively efficient?
A. It is making economic profits in the long run B. Marginal cost equals average variable cost C. It produces at the minimum average total cost D. Its marginal revenue is less than average revenue