Charging a higher price for a motel room to customers with dogs or cats than to customers with no pets is most likely an example of
A) first-degree price discrimination.
B) second-degree price discrimination.
C) third-degree price discrimination.
D) actual cost differences.
D
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Assume that Honduras has a comparative advantage in producing bananas and exports bananas to Brazil. We can conclude that
A) Honduras has a lower opportunity cost of producing bananas relative to Brazil. B) Brazil has an absolute disadvantage in producing bananas relative to Honduras. C) Labor costs are higher for banana producers in Brazil than in Honduras. D) Honduras also has an absolute advantage in producing bananas relative to Brazil.
When exchange rates are flexible, they are
A. Determined by proclamation of the monetary authorities of a country. B. Permitted to vary with changes in supply and demand in the foreign exchange market. C. Determined by the provisions of the Bretton Woods agreement. D. Determined by the relative levels of gold reserves.