When the price of the same product varies by locational attributes, it is an example of:
A) predatory pricing.
B) first-degree price discrimination.
C) second-degree price discrimination.
D) third-degree price discrimination.
D
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An increase in the price of a substitute shifts the demand curve to the _______
a. right b. left c. it does not change the demand curve d. none of the above
Which of the following best describes a cartel?
a. A group of cooperating oligopolists that jointly reduce output and raise price in imitation of a monopolist. When entry is very costly, these high prices can persist. b. A group of monopolistically competitive firms that jointly reduce output and raise price in imitation of a monopolist. When entry is very costly, these high prices can persist. c. A monopolist that reduces output and raises price. When entry is very costly, these high prices can persist. d. A group of identical non-cooperative oligopolists that is able to reproduce a monopoly equilibrium through price rivalry.