In the real world:
A. price discrimination has only been observed where monopolies are present.
B. businesses can easily identify different groups' willingness to pay, so price discrimination is prevalent in every market.
C. perfect price discrimination is impossible.
D. price discrimination is practiced less today than it was in the mid-1900s.
Answer: C
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The question "Should we produce houses using bricks or wood?" is an example of a ________ question
A) what B) how C) why D) for whom E) where
Real income equals a household's income
A) in terms of the quantity of goods the household can buy. B) multiplied by the prices of the goods it buys. C) divided by the prices of the goods it buys. D) multiplied by the relative prices of the goods it buys.
Equilibrium is defined as a situation in which
A) neither buyers nor sellers want to change their behavior. B) no government regulations exist. C) demand curves are perfectly horizontal. D) suppliers will supply any amount that buyers wish to buy.
The demand curve facing a monopolistically competitive firm is generally
a. steeper than the demand curve that would face a perfectly competitive firm in the same industry. b. less elastic than the demand curve that would face a monopoly in the same industry. c. steeper and more elastic than the demand curve that would face a perfectly competitive firm in the same industry. d. flatter than the demand curve that would face a monopoly in the same industry.