Unlike perfect price discrimination, group price discrimination does NOT require
A) firms to have market power.
B) the ability to distinguish between groups with different reservation prices.
C) the ability to limit or prevent resale.
D) None of the above.
D
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In a market with perfectly competitive firms, the market demand curve is usually ____ and the demand curve facing each individual firm ____
a. upward sloping; horizontal b. downward sloping; horizontal c. horizontal; downward sloping d. downward sloping; downward sloping
Assume a product has a rather elastic demand. If the producer of the good raises the price of the product, that producer's total revenue will decrease.
a. true b. false
Refer to the graph shown. In the graph, a recessionary gap exists if the price level is:
A. P0 and the aggregate demand curve is AD1. B. P0 and the aggregate demand curve is AD0. C. P1 and the aggregate demand curve is AD0. D. P1 and the aggregate demand curve is AD1.
The discovery and utilization of vast, previously unknown oil and mineral deposits in a country will increase:
A. the unemployment rate. B. the quantity of human capital. C. the share of the population employed. D. average labor productivity.