Price discrimination by sellers is usually observed only in situations where
A) low-price customers can easily resell to high-price customers.
B) prices are set by competing monopolies.
C) sellers are bigots.
D) sellers can effectively identify customers by their demand for the product.
D
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Compare market price and quantity to socially optimal price and quantity if hog farmers ignore the polluting effect of hog waste on nearby waterways. Use a graph to assist in your explanation.
What will be an ideal response?
Consumption, as a component of GDP:
A. includes nondurable goods only. B. measures spending on goods and services by individuals and households. C. measures spending only on goods, not services, by private individuals and households. D. includes durable goods only.
If an individual is a debtor
A. the substitution effect of an interest rate increase is zero. B. the income and substitution effects of an increase in the interest rate work in opposite directions. C. the income effect of an interest rate increase is zero. D. the income and substitution effects of an increase in the interest rate work in the same direction.
A demand curve is defined as the relationship between
A) the income of consumers and the quantity of a good that producers are willing to sell. B) the income of consumers and the quantity of a good that consumers are willing to buy. C) the price of a good and the quantity of that good that producers are willing to sell. D) the price of a good and the quantity of that good that consumers are willing to buy.