Speculators who are correct in their reading of the future pursue plans that unintentionally
What will be an ideal response?
reduce uncertainty for others.
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Examine the following statements and identify the type of price discrimination in each case:
a. A popular club in a city waives its entry fees for women who arrive before 11 p.m. b. A combo meal of a burger, a soft drink, and fries at a fast food outlet costs less than how much it would cost to buy each separately. c. A guy selling counterfeit watches on the street states a different price to each person who wants to buy a watch.
A rule that a foreign company export a minimum percentage of its output is considered
a. local content requirement b. national treatment c. performance requirement d. most favored nation treatment e. none of the above
The central question in economics is how to:
a. deal with the problem of scarcity. b. change government economic policy. c. change people's wants to match their needs. d. manage money and become wealthy.
Explain why a price ceiling, when applied to a market, inevitably generates chronic excess demand for the good