Related to the Economics in Practice on page 283. The 'basic economy' fare discussed in the Economics in Practice is an example of
A. monopoly pricing.
B. unfair pricing.
C. illegal pricing.
D. price discrimination.
Answer: D
You might also like to view...
The use of money as a medium of exchange
I. lowers transaction costs. II. permits more specialization. A) I only B) II only C) Neither I nor II D) Both I and II
Refer to the above graph. To maximize profits, the firm should produce the quantity:
a. 0C b. 0A c. 0K d. 0B
Which is an example of a good with an elastic supply?
a. beef b. bananas c. lumber d. click-top pens
A monopolist can earn economic profits in the long run because
A. a monopoly makes the good or service better than anyone else. B. monopolies can legally force people to buy their products and to pay more for them than they are worth. C. barriers to entry prevent new firms from entering the industry. D. a monopoly is by definition large, and this gives it the ability to make large profits.