Price discrimination occurs when a monopolist charges
a. both c and d
b. different prices to different buyers for different products
c. different prices to different groups of buyers, based on differences in the cost of providing the commodity to the buyer
d. different prices to different groups of buyers for reasons unrelated to the cost of providing the commodity to the buyer
e. all buyers the same price for the same product
D
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If the price is above the equilibrium price, then there is a
A) surplus, and market forces will operate to lower price. B) surplus, and market forces will operate to raise price. C) shortage, and market forces will operate to lower price. D) shortage, and market forces will operate to raise price.
Refer to Scenario 2 . Over a long period of time, in the absence of any restrictions in the market, would you expect the price elasticity of demand for crabs to be more elastic or inelastic? Explain
What will be an ideal response?
Trade agreements are reciprocal in the sense that: a. workers and firms suffer because of international trade
b. a rise in the prices of imports in one country leads to a decrease in the prices of imports in other countries. c. when a country opens its domestic markets to imports, markets in other nations are opened to its exports. d. when small companies in one country sell to larger markets in other countries, they gain economies of scale.
What is the term economists use to discuss cost on a per-unit-of-output basis?
a. short-run cost b. fixed cost c. variable margin cost d. average total cost