Perfect price discrimination occurs when:
a. each customer is charged the maximum price that each is willing and able to pay.
b. two classes of customers are charged different prices as they have the same elasticities of demand.
c. senior citizens are offered restaurant discounts.
d. the firm sets MR < MC for each class of customers.
e. the firm charges same price to different customers so that it is equal to the equilibrium price.
a
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"Rivalry" in consumption means that:
A. when one person buys a good, it is not available for another person to buy. B. there are many buyers of the good. C. there are multiple sellers of the good. D. a buyer may purchase goods from multiple sellers.