An article on how prices in South Bend, Indiana rise during Notre Dame home football games noted: For the Sept. 16 game against the University of Michigan, the South Bend Marriott is charging 649 a night for a double room....
The Marriott's regular weekend price is 149 a night.
Which of the following statements is true?
A) The Marriott has adopted this pricing strategy to capitalize on arbitrage profits.
B) There is no evidence of price discrimination; the Marriott is responding to increased demand for hotel rooms in the face of constant supply.
C) The Marriott is practicing first-degree price discrimination by charging what the market will bear.
D) This is evidence of third-degree price discrimination because hotel accommodation on a particular day is not a product that can be resold later.
Question 2
GDP in a country grew from 10 billion to 14 billion over the span of 5 years. The average annual growth rate of GDP was
A) 4. B) 7. C) 10. D) 40.
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