Author Question: For a monopoly to successfully price discriminate, its customers must: a. feel that the product is ... (Read 14 times)

ericka1 · **on:** Jun 30, 2018

For a monopoly to successfully price discriminate, its customers must:
a. feel that the product is a necessity.
b. have identical demands.
c. be unable to resell the product.
d. actively engage in arbitrage.

Question 2

When the price of a good falls, consumers buy more of the good because it is cheaper relative to competing goods. This statement describes the:
a. consumer equilibrium effect.
b. price effect.
c. income effect.
d. substitution effect.