The authors cited statistical evidence that the price elasticity of demand for Royal Crown cola is -2.4, and the price elasticity of demand for Coke is roughly -5.5.
Which firm likely has stronger brand loyalty among customers that provides greater potential for monopoly power in the cola market? A) Coke
B) Royal Crown
C) Both firms should have identical monopoly power
D) We do not have enough information to answer this question.
Question 2
When the movie Jurassic Park debuted in Westwood, California, the price of tickets was 7.50. After several months the ticket price had fallen to 4.00. This is an example of
A) peak-load pricing.
B) second-degree price discrimination.
C) a two-part tariff.
D) tying.
E) none of the above
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