An example of "cream skimming" is when:
a. a firm charges the same price to all consumers, even though costs for some are higher
b. a firm offers a reduced price to the best-paying customers of their competitors
c. a firm offers a reduction in price on a package sale of two items
d. none of these
b
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A market consequence of a price floor is that the price consumers pay with the floor when compared to the price they paid without the floor,
a. falls so that there is an excess supply b. falls so that there is an excess demand c. increases so that there is an excess supply d. increases so that there is an excess demand e. falls so that the new equilibrium price is lower than the old
According to the law of demand, all else constant, a rise in price will decrease the demand for a good, and a decrease in price will increase demand for a good
a. True b. False Indicate whether the statement is true or false