Related to the Economics in Practice on page 283. The 'basic economy' fare discussed in the Economics in Practice is an example of
A. illegal pricing.
B. price discrimination.
C. unfair pricing.
D. monopoly pricing.
Answer: B
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Which of the following would NOT cause a real business cycle?
A) a sustained change in the price of oil B) a change in the money supply C) a change in technology D) a change in the composition of the labor force
If a curve falls and then rises, it shows
A) a maximum. B) a minimum. C) a linear relationship D) a constant slope relationship
Which of the following would likely be traded in a monopolistically competitive market?
a. Electricity b. Airline Tickets c. Pizza d. Wheat e. Water
Suppose that the supply curve remains unchanged. If the demand curve shifts to the right,
A. the market clearing price definitely will increase. B. there will be no change in the market clearing price. C. the market clearing price definitely will decrease. D. the market will collapse.