The more elastic the demand, the less consumers will respond to a change in price
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
In perfect competition, no individual producer can influence price because
a. each contributes an insignificant amount to total supply. b. they are ignorant of the market price. c. it is set by monopolists. d. it is regulated by the government.
A firm engaging in group price discrimination
A) divides customers into groups and then charges each customer within each group a different price, similar to perfect price discrimination. B) divides customers into groups and then charges each group a different price. C) bundles products into groups and sells the groups at different prices. D) finds the average reservation price for a group of customers and sell its goods at that price.
Refer to the above table. The marginal utility of the 2nd movie for Rosie is
A. 190 units of utility. B. 80 units of utility. C. 95 units of utility. D. 90 units of utility.
A. Distinguish between a tariff and a quota
b. In what ways are tariffs and quotas similar? c. In what ways are tariffs and quotas different? d. Why might a foreign producer prefer a quota rather than a tariff? What will be an ideal response?