Many theme parks charge an entrance fee and a per-ride fee equal to zero. This is an example of
A) bundling.
B) two-part pricing.
C) group price discrimination.
D) perfect price discrimination.
B
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The measure used to determine whether two products are substitutes or complements is called the: a. price elasticity of demand
b. income elasticity of demand. c. cross-price elasticity of demand. d. inverse elasticity of demand.
When a country gains from trade:
A. everyone in that country benefits from the trade. B. the total producer surplus increased in the country. C. the net gain of surplus is positive for that country. D. the total consumer surplus increased in the country.
In the 1970s, one of the causes of stagflation was _____
Fill in the blank(s) with the appropriate word(s).
Because the price effect is smaller when there are ________ firms, each firm will increase its quantity by ________ before the price effect and quantity effect are equal.
A. less; more B. similar; less C. more; more D. more; less