Refer to the scenario above. People will earn a net benefit of ________ if the discount weight of the future benefit is 1/10

The Athenian Theatre sells tickets for the same play at different prices: a lower price to those who opt for the seats at the back of the theatre and a higher price for those who purchase seats in the front, around the stage

Which of the following statements is true? A) This is an example of product differentiation but not price discrimination. B) Since the cost of producing the play does not change with the seating configuration, this is evidence of price discrimination based on market segmentation. C) Charging two different prices is an effective way to avoid an excess demand for play tickets; the higher price lowers quantity demanded to some extent. D) The theatre practices first-degree price discrimination by setting prices based on willingness to pay.

Suppose the supply of non-OPEC oil increases due to new petroleum discoveries in other countries. What happens to the price of oil on the world market?

A) Increases B) Decreases C) Remains the same D) We do not have enough information to answer this question.