Which of the following is an example of price discrimination?
a. An online bookstore charges more for overnight shipping than standard shipping when customers buy books from it.
b. Airline tickets are more expensive for first-class seats than for coach.
c. Hotel rates for AAA members are lower than for nonmembers.
d. All of the above are correct.
c
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A shift of the supply curve of oil raises the price from $70 a barrel to $80 a barrel and reduces the quantity demanded from 40 million to 38 million barrels a day. You can conclude that the
A) demand for oil is elastic. B) demand for oil is inelastic. C) supply of oil is elastic. D) supply of oil is inelastic.
In U.S. v. U.S. Steel Corporation, the Supreme Court ruled that
a. U.S. Steel had violated the Sherman Act, particularly by organizing meetings with competitors such as the "Gary Dinners.". b. despite the fact that U.S. Steel controlled 50 percent of output in the steel industry, the company had not achieved monopoly power. c. large corporations, by definition, violate the Sherman Act. d. the Sherman Act did not apply to U.S. Steel because steel manufacturing was an activity "clothed with a public interest.".
Each of the following can explain why an order could not been carried out as intended, EXCEPT:
a. incompetence. b. opportunism. c. impossibility. d. obedience.
Which of the following would shift the money demand curve to the left?
a. A decrease in the price level. b. An increase in the interest rate. c. An increase in the price level. d. An increase in real income. e. None of the above.