________: a measure of the relative response of consumption of a good or service to changes in price
Fill in the blank(s) with correct word
Own-price elasticity
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Regional trading bloc agreements
a. are not considered trade restrictions b. are required by World Trade Organization rules c. exist primarily in Russia, Africa, and South America d. require all nations in a specified region to trade only with other countries in the same geographic area e. make special trade deals between countries in that region and discriminate against countries outside the region
A movie theater can increase its profits through price discrimination by charging a higher price to adults and a lower price to children if
a. adults buy more popcorn than children. b. the cost of showing a movie to children is less than the cost of showing a movie to adults. c. it has some degree of monopoly-pricing power. d. All of the above are correct.