Relative to a situation where only a single price is charged, a seller that engages in price discrimination will
a. charge consumers with an inelastic demand a lower price.
b. charge consumers with an elastic demand a higher price.
c. generally produce a larger total output.
d. decrease social welfare and make all consumers worse off.
C
Economics
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If a good has an income elasticity of demand greater than 1, one might classify that good as
A) a necessity. B) a luxury. C) unusual. D) inelastic.
Economics
If a British student pays her way to attend Harvard University, her actions will: a. create a supply of dollars and a demand for pounds in the foreign currency market. b. create a supply of pounds and a demand for dollars in the foreign currency market. c. cause the British pound to appreciate
d. cause the U.S. dollar to depreciate.
Economics