Economic development encompasses which of the following measures?

Why is free trade considered beneficial when consumers pay higher prices for products than they would have within a strictly domestic market?

a. Economists place more emphasis on producers and supply than they do on consumers and demand. b. Losses experienced within the domestic market are offset by gains within developing countries. c. The higher prices paid within the domestic market are temporary and usually decline in time. d. Negative effects experienced by consumers are offset by gains experienced by producers.

In order to practice third degree price discrimination all of the following conditions must hold except that the firm

a. has monopoly power. b. is able to exercise control over resales. c. is willing to sell more to each customer at lower prices. d. charges a lower price to groups with more elastic demand.