Which of the following is FALSE about indirect price discrimination
a. The firm is able to identify each customer's willingness to pay
b. The firm is able to charge different prices to the different value customers
c. The firm is be able to prevent arbitrage
d. All of the above
a
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The marginal rate of technical substitution (MRTS) along an isoquant:
A) is equal to the price ratio at all points along an isoquant. B) is equal to the ratio of the marginal utilities of the two goods. C) is equal to the ratio of the marginal products of the two inputs. D) remains constant as we alter the combinations of the two inputs.
An example of an explicit cost of production is: a. the cost of foregone labor earnings for an entrepreneur
b. the cost of flour for a baker. c. the foregone rent that could have been earned if land owned by a firm was not used as its parking lot. d. provided by none of the above.