Price differentiation is a situation in which
A. consumers' comparison-shop.
B. there are different prices for the same product that are not due to differences in the marginal cost of providing the commodity to different groups of buyers.
C. there are different prices for similar products reflecting differences in the marginal cost of providing the commodities to different groups of buyers.
D. the demand curve is vertical.
Answer: C
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In the long run, what happens to the demand curve facing a monopolistically competitive firm that is earning short-run profits?
A) The demand curve will shift to the right and became more elastic. B) The demand curve will shift to the right and became less elastic. C) The demand curve will shift to the left and became more elastic. D) The demand curve will shift to the left and became less elastic.
If financial markets were perfect, financial intermediaries would
A) be illegal. B) handle roughly half of all finance. C) be the conduit of all finance. D) probably not exist.
Joe wants to achieve the highest position possible with the XYZ Co During the interview, he tells them he is capable of performing many difficult tasks. The company feels there is an 10% chance he is lying
Given the payoff matrix in the above figure, what job level will the company offer to Joe? Why?
If Happy Feet chooses to No Ad and Best Nails then chooses to No Ad, Happy Feet earns ________ million in net profit and Best Nails earns ________ million.
Happy Feet wants to prevent Best Nails from entering the nail salon market. The above game tree illustrates the different strategies and corresponding payoffs for the two firms. Both Happy Feet and Best Nails have the same strategies of advertising (Ad) or not advertising (No Ad). The payoffs represent net profit in millions.
A) $1; $4 B) $2; $3 C) $4; $1 D) $5; $1