Economists refer to pricing the same good at two or more different prices to two or more different consumers as
a. price differentiation
b. price discrimination
c. price fixing
d. price collusion
e. unfair pricing
B
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The Uruguay Round was unsuccessful in its attempt to strengthen international protection of intellectual property rights
Indicate whether the statement is true or false
If a 1 percent increase in price causes a 2 percent increase in quantity supplied, then supply is
A) elastic. B) inelastic. C) unit elastic. D) infinite.
Which of the following is not an automatic stabilizer?
a. Personal income tax revenue. b. Corporate income tax revenue. c. Unemployment compensation benefits. d. Property tax revenue.
Assume the standard trade model with two countries (Alpha and Beta), two goods (food and drink), and two factors of production (land and labor). Further assume that Alpha is relatively labor-abundant and food is relatively land-intensive. According to the Heckscher-Ohlin theory, Beta has a comparative advantage in the production of
A. food. B. drink. C. neither good. D. both goods.