A monopolist engages in price discrimination
A) by charging a higher price to consumers whose demand is more elastic.
B) by charging a higher price when marginal cost is lower.
C) by charging a lower price to consumers whose demand is more elastic.
D) by charging the same price to all consumers.
Answer: C
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Which of the following statements is true?
a. To maximize profits, a firm must maximize total revenue. b. In long-run equilibrium, a competitive firm produces at the point of minimum average total cost. c. In the short-run, a perfectly competitive firm produces where total cost is minimum. d. In the short-run, a perfectly competitive firm will close down whenever price is less than average total cost.
Suppose the price level in the United States falls while price levels elsewhere in the world remain unchanged. Our demand for imports would rise and our demand for domestic goods would fall
Indicate whether the statement is true or false