The practice of charging different prices to various groups of customers that are not based on differences in the costs of production is referred to as:
A) predatory pricing.
B) markup pricing.
C) discretionary pricing.
D) price discrimination.
D
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Cartels rarely succeed for long because they find it difficult to
A) avoid losing the advantages from economics of scale. B) keep marginal costs high and marginal revenue low. C) keep members from offering discounts and new firms from entering. D) keep members from reducing output below the optimal level. E) prevent average cost from falling below marginal cost.
Even if the City Council fixed high minimum taxi fares and gave licenses to operate to only a few cab owners, license holders would not earn large profits from operating taxis in the city because
A) people would drive their own cars. B) people would substitute buses for taxis. C) taxis are not a necessity of life. D) the cost of owning a license would eat up the potential profits from operating a taxi. E) the demand would fall as taxi fares rose.
Bad health is an example of:
A. a poverty trap. B. a societal trap. C. a social digression. D. None of these is true.
Over the past half-century, government transfer payments have increased. As a result ________
A) interest payments on government debt have declined B) government expenditures have become a larger portion of GDP C) the volatility of investment expenditures has declined D) net exports have been positive in most years E) none of the above