If a firm knew every consumer's willingness to pay and could prevent arbitrage it could charge every consumer a different price. This practice is known as
A) first-degree transfer of consumer surplus, or perfect price discrimination.
B) first-degree price discrimination, or perfect price discrimination.
C) maximization of producer surplus, or perfect price discrimination.
D) first-degree exploitation, or perfect price discrimination.
B
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When a hard frost hits orange groves in Florida, the supply of orange juice ________ and price ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
Currently in the United States, banks count as their reserves
A) only the currency in their vault. B) the currency in their vault plus their holding of Treasury securities. C) only their holding of Treasury securities. D) their liabilities against which they pay no interest. E) the currency in their vault plus their deposits at the Federal Reserve.
The form of business organization responsible for generating the greatest portion of business revenues in the United States is the
A) corporation. B) dual proprietorship. C) proprietorship. D) partnership.
If a country increased the production of its capital goods, then
A) the more consumption of goods we can have today. B) the less consumption we can have today, but we will have more in the future. C) the more unemployed resources there will be in the future. D) the more unemployed resources there are today.