Which of the following correctly describes price discrimination?
a. Selling the same good or service for different prices to different consumers for reasons unrelated to cost.
b. Buying goods at a lower cost in one market and selling it at a higher price at another market.
c. Selling the same good or service for the same price to different consumers.
d. Charging higher prices for goods and services that are exported compared to those sold in the domestic market.
a
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In 1820, when the nation began its westward movement in earnest, the median American was
(a) less than 17 years old. (b) about 20 years old. (c) about the same age as the median American today. (d) older than the median American today.
Some property tax limitations, such as California's Proposition 13, only do significant reassessment of property taxes when houses are sold. This creates _____
a. an incentive to rent b. inequity between homeowners of comparable houses c. a disincentive to move d. b and c e. all of the above
Which of the following is not correct?
a. The inflation rate is measured as the percentage change in a price index. b. For the last 40 or so years, U.S. inflation hasn't shown much variation from its average rate of about 2 percent. c. During the 19th century there were long periods of falling prices in the U.S. d. Some economists argue that the costs of moderate inflation are not nearly as large as the general public believes.
According to Baumol and Blinder, the real-world multiplier will be smaller than 1/(1 ? MPC) because the 1/(1 ? MPC) measure is based on
A. a model that ignores inflation associated with the expansion of income. B. a model that adds taxes that tend to change as income changes. C. a model that adds the effects of international trade. D. a model that ignores the prices government faces