Who, among the following, is least likely to price discriminate?
A) The local tavern
B) The local diner
C) The local potato farmer
D) The telephone company
C
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A factory is an example of:
a. capital. b. scarcity. c. an enterprise. d. land resources. e. output.
Diseconomies of scale tend to occur in large firms because
a. the many layers of management are cumbersome and because it is difficult to monitor employees b. such firms are operating at inappropriate plant sizes for their output levels c. such firms are operating at a point above their long-run average total cost curves d. their ability to adjust their plant sizes is constrained by the existence of fixed inputs e. they fail to garner all the possible gains from specialization
Which of the following is not a necessary characteristic of money?
A. Available in unlimited supply B. Divisible C. Durable D. Difficult to counterfeit
Refer to the above table. If an economy's current per capita real GDP is $3,000, and if its economy grows at an constant annual rate of 5 percent for 50 years, what will be its per capita real GDP at the end of that period?
A. $34,500 B. $55,200 C. $21,330 D. $13,140