When a firm sells a given product at more than one price and the price difference is NOT caused by differences in cost then there is
A. price delineation.
B. price discrimination.
C. price demarcation.
D. price differentiation.
Answer: B
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I) The growth rate of Eduland's money supply in a particular year was 8.5%
What was the growth rate of real GDP if the inflation rate in the same year was 4%? ii) What is likely to happen if the growth rate of money supply doubles in the following year, while the growth rate of real output remains unchanged?
Price elasticity of demand and price elasticity of supply are both influenced by
a. the availability of close substitutes for the product b. the proportion of the consumer's budget spend on the product c. the length of the adjustment period considered d. technological conditions such as the additional costs of increasing production e. none of the above
In order for barter to occur, traders must have a:
a. unit of account. b. coincidence of wants. c. medium of exchange. d. central banking facility.
The rule guiding international specialization of production is that a country should specialize in the production of the good
a. for which it has the highest opportunity cost b. for which it has the lowest opportunity cost c. that it most wants to consume d. for which it has an absolute advantage e. that it can produce with the least quantity of capital