Which of the following is an example of price discrimination?
a. A Burger King in New York City charging more for a hamburger than a Burger King in Manhattan, Kansas.
b. A clothing store offering shirts at ten dollars each or two for fifteen dollars.
c. A movie theater charging lower ticket prices to children and senior citizens.
d. A car dealer charging higher prices for cars with air conditioning.
C
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In one hour John can produce 20 loaves of bread or 8 cakes. In one hour Phyllis can produce 30 loaves of bread or 15 cakes. Which of the following statements is true?
A) Phyllis has a comparative advantage in producing bread. B) John has a comparative advantage in producing cakes. C) Phyllis has an absolute advantage in both goods. D) John has an absolute advantage in both goods. E) Phyllis has a comparative advantage in producing both cakes and bread.
The average total cost curve is U-shaped. At the quantity of output where average total cost is at its minimum, is the marginal cost curve above the average total cost curve, below the average total cost curve,
or intersecting the average total cost curve?
The above figure shows the reaction functions for two pizza shops in a small isolated down. The Stackelberg leader will produce
A) 25 pizzas. B) 50 pizzas. C) 66.7 pizzas. D) 100 pizzas.
The figure below shows free public schooling leading to less education.
A. True
B. False
C. Uncertain