If a firm is able to charge each customer the maximum amount that he or she is willing to pay for its good,

a. the firm is engaging in rent-seeking behavior
b. profits for the firm will be lower than for a single-price monopolist
c. the firm will be violating federal law
d. this is perfect price discrimination
e. barriers to entry into the market will fall

D

Economics

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Indicate whether the statement is true or false

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The income elasticity of demand is largest for

A) food. B) clothing. C) shelter. D) luxuries.

Economics