Erin and Deidre, two residents of Ithaca, New York, are planning a trip to Boston. Erin, the sales manager for a large retailer, has to attend a business meeting.
Deidre, a college student on vacation, is planning a leisurely trip to visit friends and relatives. Which of the following statements is true?
A) Since there is no difference in the cost of producing air travel, airlines will not charge different prices to Erin and Deidre.
B) An airline cannot price discriminate because buyers can resell their tickets through the Internet.
C) An airline that price discriminates will charge Erin a higher price.
D) An airline that price discriminates will charge Deidre a higher price.
Question 2
An isoquant shows
A) the combinations of two inputs that yield the same total product.
B) the combinations of two inputs that cost the same total quantity of money.
C) the combinations of two goods that yield the same total satisfaction.
D) the combination of two goods that cost the same amount of money.
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