Which of the following correctly describes price discrimination?
a. Selling different products to different people for the same price.
b. Selling different products to identical people for different prices.
c. Selling the same product to different people for different prices.
d. Selling the same product to the same person for the same price.
c
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The law of supply reflects the fact that
A) people buy more of a good when its price falls. B) suppliers have an incentive to use their resources in the way that brings the biggest return. C) the demand curve is downward sloping. D) higher prices are more attractive to consumers because they signal a higher quality product. E) businesses can sell more goods at lower prices.
Monopolies can misallocate resources by restricting output in an attempt to raise prices and profits
a. True b. False Indicate whether the statement is true or false