Price discrimination
a. is illegal in the United States and Europe.
b. can occur in both perfectly competitive and monopoly markets.
c. is illogical because it does not maximize profits.
d. can maximize profits if the seller can prevent the resale of goods between customers.
d
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The principle of voluntary exchange is the concept that a voluntary exchange between two people makes both people better off
Indicate whether the statement is true or false
Refer to the Article Summary. Economists refer to an increase in sales due to celebrity endorsements as being the result of
A) social influence. B) the ultimatum game. C) network externalities. D) the endowment effect.
Normative economic analysis involves
A) true statements of facts only. B) testable hypotheses by scientists. C) value judgments and opinions. D) purely descriptive statements.
YearAntonio's Hourly wageConsumer Price Index2006$8.40201.62010$9.05218.1 Refer to Table 8.2. From 2006 to 2010, Antonio received a total of $0.65 in pay raises, and the CPI also increased as shown in the table. What was Antonio's real wage in 2010, if 2006 is used as the base year?
A. $9.05 B. $8.40 C. $8.37 D. $9.09