Which of the following is not necessary in order for a firm to engage in price discrimination?
a. The producer must face an inelastic demand curve.
b. The producer must face a downward-sloping demand curve.
c. There must be at least two identifiable classes of consumers with different price elasticities of demand.
d. The producer must be able, at little cost, to distinguish between the different classes of buyers.
e. It must be impossible for one buyer to resell to another.
Question 2
Which of the following would not violate the Sherman Antitrust Act if the rule of reason was used to interpret the act?
a. conspiring to monopolize
b. formation of a trust company
c. conspiring to restrain trade
d. a single firm supplying all of a market with no close substitutes and some barriers to entry
e. attempting to restrain trade with a foreign nation
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How to evaluate third-order determinants by Minors Method (Question 1)
Real Price of Oil, 1861–2010