First-degree and second-degree price discrimination are similar in each of the following ways except which one?
A) They both convert consumer surplus into additional economic profit.
B) In both practices, firms earn greater economic profit than if they charged a single price for every unit.
C) In both practices, consumers pay higher prices for the first units that they buy.
D) They both yield the greatest possible profits to the firm.
D) They both yield the greatest possible profits to the firm.
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National income is calculated as GDP:
a. plus depreciation. b. plus exports. c. minus imports. d. minus depreciation.
What is the biggest reason for the pay gap among racial groups?
a. legal discrimination in favor of Asians and Caucasians b. systemic discrimination against Latinos and African-Americans c. higher educational achievement of Asians and Caucasians d. differences in job choices between the different racial groups
A market surplus can be defined as a situation in which the quantity demanded in a market is less than the quantity supplied, at the given price.
a. true b. false
Which of the following acts outlawed selling products at "unreasonably low prices" with the intent of reducing competition?
A. Robinson-Patman Act B. Wheeler-Lea Act C. Sherman Act D. FTC Act