At many municipal golf courses, local residents pay a lower fee to play than other golfers do. One necessary condition for the golf course to be able to successfully price discriminate according to residency is that
A) they can check the identification cards of golfers.
B) local resident golfers and other golfers have the same price elasticity of demand to play at the municipal course.
C) there are many golf courses nearby from which golfers can choose.
D) they require all golfers to rent a cart.
A
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In an efficient market with rational expectations, the actual price of an asset
A) will equal its expected price. B) will often be below its expected price. C) will often be above its expected price. D) equals its expected price plus a random error term.
In the long run, a monopolistically competitive firm will find
a. its demand curve shifting until price equals average total cost b. its cost curve shifting until price equals average total cost c. its demand curve shifting until marginal revenue equals marginal cost d. its cost curve shifting until marginal revenue equals marginal cost e. no changes in its demand or cost curves if it is earning an economic profit