For direct price discrimination to work, the firm
a. Must be able to identify members of the low value group
b. Charge the low-value group lower prices than the rest
c. Prevent the low-value group from reselling their low priced goods to higher-valued group
d. All of the above
d
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A natural monopoly has a. constant average costs cost over the relevant range of output. b. economies of scale over the relevant range of output
c. constant returns to scale over the relevant range of output. d. diseconomies of scale over the relevant range of output.
When there is a surplus of a product in a market the:
A. price will rise. B. price must be above the equilibrium price. C. producers will expand output and sales will rise. D. price must be below the equilibrium price.
Between 2000 and 2015, the average rate of inflation for all goods was 2.2 percent. Which goods experienced relative price decreases during that same period?
A. Any goods with negative inflation rates or positive inflation rates higher than 2.2 percent B. Any goods with negative inflation rates only C. Any goods with positive inflation rates higher than 2.2 percent only D. Any goods with negative inflation rates or positive inflation rates lower than 2.2 percent
Which of the following is a non-price determinant of supply?
A. technological advances in production B. the number of consumers C. consumers' incomes D. the price of related goods consumers may buy