Which of the following is NOT an example of price discrimination?
a. A restaurant sets a fixed cover charge in addition to menu charges.
b. A phone company charges different rates to residential and business users.
c. An electric company charges different rates to senior citizens and younger adults.
d. An airline sets different fares for adults and children.
Ans: a. A restaurant sets a fixed cover charge in addition to menu charges.
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Which of the following is not classified as a capital input?
a. A John Deere factory. b. A Hewlett-Packard laser printer. c. A cement mixer. d. 500 shares of General Motors stock.
Karl Marx believed the central figures in an industrial economy were the
A. labor union leaders. B. heads of the ruling political party. C. capitalists. D. stock market speculators.
According to the Principle of Increasing Opportunity Cost, in expanding the production of any good, we should start by utilizing the resources that:
A. have the highest opportunity cost. B. have the lowest opportunity cost. C. we have the most of. D. we have the least of.
Groups of nations that grants members trade privileges are called
A) local trade protectionists. B) trade settlements. C) regional trade blocs. D) allies.