A firm cannot price discriminate if
a. it has declining marginal revenue.
b. it operates in a competitive market.
c. buyers only reveal the price they are willing to pay for the product.
d. it has a constant marginal cost.
b
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What is a currency system called in which each country tries to keep the value of its currency constant against one another?
(A) A flexible exchange-rate system. (B) A floating currency exchange. (C) A constant pricing system. (D) A fixed exchange-rate system.
What would best characterize the relationship between corn prices, wheat prices and the public sale of western land (OH, IL, IN, MI, IA, WI, MO) between 1815-1860?
a. All three were very positively correlated. b. Land sales increased first, which drew people to move and produce more crops, which increased the crop prices. c. As land sales increased, corn prices increased and wheat prices decreased as farmers substituted from wheat to corn. d. Land sales were negatively related to both the wheat and corn prices.