While price discrimination is possible between two markets, it is not possible in more than two
Indicate whether the statement is true or false
False. The number of markets does not matter. All that is required is that markets differ in their respective price elasticity of demand.
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According to this Application, the main concern of Greek residents was that
A) the Prime Minister of Greece would be impeached. B) hyperinflation could occur in the economy. C) the country wold switch to a gold standard. D) banks would convert their accounts to drachmas and they would suffer financial losses.
The various bundles of goods that a country can obtain by taking advantage of international trade is known as
A) the non-indifference curve. B) the consumption possibility frontier. C) the production possibility frontier. D) the trade possibility frontier.
Three firms agree to operate as a monopoly and charge the monopoly price of $100 for their product and (jointly) produce the monopoly quantity of 20,000 units. If the competitive price for the product is $35, under the Clayton Act these three firms face treble damages of ______
A) $1,300,000 B) $3,900,000 C) $3,000,000 D) $1,000,
The major things to remember about relative purchasing power parity are:
a. Long-run changes in the value of a nation's currency value depend on the country's inflation rate relative to foreign nations, and short-term exchange rate changes depend mainly on interest parity relationships. b. The higher a nation's relative inflation, the higher its currency value will be, and long-run changes in the value of a nation's currency value depend mainly on the country's inflation rate relative to foreign nations. c. The higher a nation's relative inflation, the lower its currency value will be, and long-run changes in the value of a nation's currency value depend on the country's inflation rate relative to foreign nations. d. Changes in relative international money supplies are the major cause of short-run exchange rate movements, and long-term exchange rate changes depend mainly on interest parity relationships. e. None of the above