Certain vendors that market their goods via mail order have been known to send out catalogues to different regions of the country with items priced differently across regions
Assuming prices are matched to regions on a random basis, this practice would be considered an example of group pricing, or third-degree price discrimination. Indicate whether the statement is true or false
FALSE
Economics
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Which of the following was a lasting effect of the OPEC embargo in the 1970s on the U.S. economy?
(A) Higher gasoline prices (B) Reduced use of petroleum (C) Reduced taxes (D) Lower interest rates
Economics
If a 5 percent increase in income leads to a 10 percent decrease in quantity demanded for a product, this product is
A) a necessity. B) an income elastic good. C) an inferior good. D) a luxury good.
Economics