Price differentiation is a situation in which
A) there are different prices for similar products reflecting differences in the marginal cost of providing the commodities to different groups of buyers.
B) there are different prices for the same product that are not due to differences in the marginal cost of providing the commodity to different groups of buyers.
C) consumers' comparison-shop.
D) the demand curve is vertical.
Answer: A
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The expenditure on consumption in Berylia during a particular year was $310,000, the expenditure on investment was $180,000, the expenditure incurred by the government was $75,000, the expenditure of foreign economic agents on domestic products was $
80,000, and domestic expenditure on foreign produced goods was $103,000. What is the gross domestic product of Berylia during that year? A) $542,000 B) $530,000 C) $645,000 D) $479,000
Economics is primarily the study of:
A) the mental functions and behavior of individuals and groups. B) the state, nation, government, and politics and policies of governments. C) the problems related to existence and evolution of society. D) how agents choose to allocate scarce resources and how the choices affect society.
You are given the following consumption function C = 50 + .80YD. What is the amount of autonomous consumption expenditures?
A) 75 B) 100 C) 5 D) 50
Among other things, the U.S. Consumer Product Safety Commission is responsible for regulating
A. the flammability of mattresses. B. consumer financial markets. C. the safety of aircraft. D. cell phone company billing practices.