Consumers who clip and redeem discount coupons:
A. Exhibit the same price elasticity of demand for a given product than consumers who do not clip and redeem coupons
B. Exhibit a higher price elasticity of demand for a given product than consumers who do not clip and redeem coupons
C. Exhibit a lower price elasticity of demand for a given product than consumers who do not clip and redeem coupons
D. Cause total revenue to decrease for firms that issue coupons for their products
B. Exhibit a higher price elasticity of demand for a given product than consumers who do not clip and redeem coupons
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An amusement park charges an entrance fee of $75 per person plus $2.50 per ride. This is an example of
A) first-degree price discrimination. B) a two-part tariff. C) second-degree price discrimination. D) bundling. E) tying.
Statistical discrimination is not always:
A. legal. B. ethical. C. useful. D. All of these statements are true.
Compared to a firm in perfect competition, the monopolistically competitive firm tends to
a. produce less and charge a higher price b. produce less and charge a lower price c. produce more and charge a lower price d. produce more and charge a higher price e. produce the same quantity
Which of the Ten Principles of Economics does welfare economics explain more fully?
a. The cost of something is what you give up to get it. b. Markets are usually a good way to organize economic activity. c. Trade can make everyone better off. d. A country's standard of living depends on its ability to produce goods and services.