A monopolistic producer supplying raw materials to two industries one with a lower price elasticity of demand and the other with a high price elasticity of demand, practices _____ to prevent its low price elastic consumers (who have more elastic demands) from reselling its products to high price consumers (who have less elastic demands)

Tariffs can never raise a country's standard of living. True or false? Explain carefully

What will be an ideal response?

Which of the following is a valid reason for government provision rather than market provision of certain economic goods and services?

a. When the government provides economic goods, they are free; costs are only incurred when such goods are provided by private firms. b. Voters tend to be better informed than market consumers. c. Decision makers in the market are motivated by self-interest, whereas, political decision makers are primarily motivated by the desire to help others. d. Public goods tend to be undersupplied through the market since it is difficult for potential suppliers to withhold such goods from nonpaying consumers, while the government can use taxes to overcome this problem.