Refer to Table 2-4. Assume Dina's Diner only produces sliders and hot wings. A combination of 20 sliders and 60 hot wings would appear
A) along Dina's production possibilities frontier.
B) inside Dina's production possibilities frontier.
C) outside Dina's production possibilities frontier.
D) at the vertical intercept of Dina's production possibilities frontier.
B
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Consider the following actions undertaken by a firm:
a. charging a higher price for products of higher quality b. charging different prices to different consumers for the same product when the variation cannot be explained by cost differences c. charging different prices for products of different qualities d. charging a lower price to match a competitor's price Which of the above will be considered price discrimination? A) a, b, c, and d B) a, b, and d only C) b and d only D) b only
Which of the following explains why the quantity of a good demanded decreases when its price increases? a. Consumer preferences change when the price of a good changes
b. The nominal income of consumers falls when the price of a good increases. c. Substitutes become relatively cheaper when the price of a good increases. d. Complements become relatively cheaper when the price of a good increases.