According to the U.S. Robinson-Patman Act of 1936, price discrimination
A) is always illegal.
B) is legal unless it harms competition.
C) may be used to drive rivals out of business.
D) can only be justified if the price discrimination is due to actual cost differences.
B
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Is the $821 billion that the government would spend on incentive programs and compensation for higher energy prices part of the opportunity cost of producing electricity?
What will be an ideal response?
A market structure characterized by a small number of interdependent sellers is called a(n)
A) monopoly. B) monopolistic competition. C) monopsony. D) oligopoly.
All of the following are true regarding oligopoly EXCEPT
A. entry and exit is partially restricted. B. there are few sellers. C. there is no competition. D. there is some ability to set price.
The price elasticity of demand for a good measures the responsiveness of:
A. quantity demanded to a one percent change in price of that good. B. price to a one percent change in the demand for that good. C. price to a one percent change in the quantity demanded of that good. D. demand to a one percent change in price of that good.