Dynamic pricing allows a website to use the personal information collected on a customer, such as income or location, to individualize the price of a product for each customer. Economists consider this type of pricing an example of:
A. price gouging.
B. consumer sovereignty.
C. price discrimination.
D. producer sovereignty.
Answer: C
Economics
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If the income effect counteracts the substitution effect, we know that the good in question is a(n)
a. complementary good. b. inferior good. c. luxury good. d. normal good.
Economics
In many large U.S. cities, taxicab companies operate as near monopolies because of_____.
A. patents B. strategic pricing C. licenses D. economies of scale
Economics