For a firm to maximize total profits through price discrimination, it should
a. Charge a high price to consumers with an inelastic demand and low price to consumers with an elastic demand
b. Charge a low price to consumers with an inelastic demand and high price to consumers with an elastic demand
c. Charge the same price to both sets of consumers
d. Charge nothing to both set of consumers-throw a party
a
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The labor force is defined as
A) all individuals who are at least 16 years old and are currently employed. B) all individuals who are currently employed. C) all individuals who are at least 16 years old and are employed, looking for work or not looking for work. D) all individuals who are at least 16 years old and are currently employed or unemployed.
Suppose the cost curves in the above figure apply to all firms in the market. Then, if the initial price is P1, in the long run the market
A) demand will increase. B) demand will decrease. C) supply will increase. D) supply will decrease.