Price discrimination exists when
A) a firm charges different buyers different prices for its product but the costs are the same.
B) each buyer is treated equally.
C) sales are made below cost.
D) a firm charges each buyer a price of the product in proportion to its costs.
A
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Suppose a country's labor supply increases in a year while its capital stock remains constant. Which of the following is likely to happen in this case if output is a function of capital and total efficiency units of labor?
A) Its total output will increase. B) Its total output will decrease. C) Its output per capita will decrease. D) Its total output will remain constant.
In the first quarter of 2009, the United States trade deficit fell to its lowest level in a decade. This means that
A) the United States imported more from the rest of the world than it exported to the rest of the world. B) foreign countries exported more to the United States than they imported from the rest of the world. C) foreign countries imported more from the United States than they exported to the United States. D) the United States exported more to foreign countries than it imported from the rest of the world.