Which of the following is not a necessary condition for price discrimination?
a. The firm must be a price maker
b. The firm must be able to distinguish between customers.
c. The firm must be able to prevent resale of a product between customers.
d. The firm must be able to produce homogeneous products.
e. The firm must have a downward-sloping demand curve.
d
Economics
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Economic rent applies to
A) land only and nothing else. B) real property only. C) all resources. D) any resource in fixed supply.
Economics
Tom Searchinger, a senior attorney at the Environmental Defense Fund, observed that generous farm subsidies have encouraged farmers to produce more corn and more wheat. How does this affect the market for fertilizer?
A) The supply of fertilizer increases. B) The supply of fertilizer decreases. C) The demand for fertilizer increases. D) The demand for fertilizer decreases.
Economics