Price discrimination is best described as a monopolist:
a. selling a product at the fixed market determined price.
b. charging buyers an excessive price for the product.
c. charging different customers different prices when the costs are equal.
d. selling a product for different prices during two different periods of time.
e. charging same prices to different customers when the costs are different.
c
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An increase in unplanned inventory investment for the entire economy equals the excess of
A) output over aggregate supply. B) output over aggregate demand. C) aggregate supply over output. D) aggregate demand over output.
With a cost shock, a small decrease in output relative to the increase in the price level would occur if the ________ curve is relatively ________.
A. AD; flat B. AS; flat C. AD; steep D. AS; steep
Assume households have positive wealth. If the income effect is ________ the substitution effect, a decrease in interest rates will increase saving and decrease consumption spending by households.
A. greater than B. unrelated to C. less than D. equal to
What was the General Agreement on Tariffs and Trade (GATT)?
What will be an ideal response?