Refer to Table 16-1. Which of the following can one conclude from the data above?
A) The item offered for sale is similar but not identical; the quality of service and delivery time might vary from store to store, which justifies the price differences.
B) Amazon.com and Walmart.com are able to charge a lower price for the item because they are more cost efficient than the other two companies.
C) Walmart.com and Amazon.com have deliberately under-priced their product to force the other two companies out of business.
D) The data provides clear evidence of price discrimination in the online bookstore market.
Question 2
The quantity of tickets demanded to the Super Bowl is always greater than the quantity supplied.
Which of the following in the best explanation why the National Football League does not raise the price of tickets to the level where the quantity demanded equals the quantity supplied?
A) The cost of raising the price and printing new tickets would exceed the revenue the NFL would receive from higher ticket prices.
B) Raising the price would reduce the demand for tickets; there would then be a surplus and the game would not sell out.
C) The demand for Super Bowl tickets is elastic; raising the price would reduce total revenue.
D) The NFL is concerned that raising ticket prices would be considered unfair.
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