Refer to Figure 4.8. If half of your friends go to the beach and half go to the park, and you decide to go to the park, then
A) your friends at the beach will switch to the park.
B) you and your friends at the park will switch to the beach.
C) your friends at the beach will switch to the park and your friends at the park will switch to the beach.
D) your friends will all stay where they are.
A
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Perfect price discrimination occurs when:
A) a firm charges wealthier buyers a lower price. B) a firm charges each buyer exactly their willingness to pay. C) a firm charges the same buyer different prices at different points of time. D) a firm charges different buyers according to the characteristic of their purchase.
Using the supply and demand curve for wheat above, sketch the supply and demand curves demonstrating the effect of an increase in disposable consumer incomes
How does each curve shift (if at all) to the increase in income? What does the shift do to equilibrium price and quantity?