If a firm wants to engage in price discrimination, it must have some market power.
Answer the following statement true (T) or false (F)
True
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Economic historians have located evidence to suggest that colonists barely lived at subsistence levels
Indicate whether the statement is true or false
From 2007 to 2012, the U.S. personal savings rate rose. If the additional savings were not translated into investment, Keynes would predict that aggregate income would:
A. decline and remain there. B. rise and remain there. C. rise indefinitely. D. accelerate.
According to the Lucas supply function, if a firm mistakenly perceives that all prices are going up because its own output price is going up, it will
A. increase its production. B. keep its production level constant. C. increase expectations regarding its own output price. D. decrease its production.
If the infant industry argument is used to protect an industry that has already matured, then
A) consumers lose because they will pay a price for a product that is above the world price. B) consumers lose because they will pay a price for a product, which is less than the world price. C) stockholders lose because the firm cannot compete with other firms. D) no one loses.