All firms can increase profits using price discrimination
A) True, because market demand curves are downward sloping
B) True, because firms can sell different versions of a product that is just right for an individual consumer
C) False, because consumers aren't forced to buy a firm's products
D) False, because some firms are in competitive markets
D
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Which of the following factors has significantly increased the supply of labor in the United States since 1950?
A) an increase in the number of people who have received college degrees B) an increase in the labor force participation rate of women C) a large increase in the substitution effect as a result of higher wages D) a low birth rate and an aging population
Specifically, what might cause the quantity demanded of a particular good to double at a particular price?
If a small percentage increase in the price of a good results in a rather large percentage reduction in the quantity demanded of the good, demand is said to be
a. vertical. b. relatively inelastic. c. relatively elastic. d. robust.
In a market economy, prices are the signals that guide the allocation of scarce resources
a. True b. False Indicate whether the statement is true or false