Podcast
Questions and Answers
What is the key factor that distinguishes price discrimination from product differentiation?
What is the key factor that distinguishes price discrimination from product differentiation?
- Market power and sole pricing power
- Variation in customers' willingness to pay
- Difference in production cost for the differently priced products (correct)
- Elasticity of demand variation
In what type of market structure is market power necessary for price discrimination to succeed?
In what type of market structure is market power necessary for price discrimination to succeed?
- Monopoly (correct)
- Monopolistic competition
- Perfect competition
- Oligopoly
How do prices under price discrimination compare to the equilibrium price in a perfectly competitive market?
How do prices under price discrimination compare to the equilibrium price in a perfectly competitive market?
- Higher (correct)
- Lower
- Unpredictable
- Equal
What is one of the benefits of price discrimination for firms?
What is one of the benefits of price discrimination for firms?
In which industries is price discrimination prevalent?
In which industries is price discrimination prevalent?
What is the technical definition of a recession in the United States?
What is the technical definition of a recession in the United States?
How are business cycle fluctuations usually characterized?
How are business cycle fluctuations usually characterized?
What is the range of periodicity for individual episodes of expansion/recession within business cycles?
What is the range of periodicity for individual episodes of expansion/recession within business cycles?
What term is often used in statistics to describe the process of business cycle fluctuations?
What term is often used in statistics to describe the process of business cycle fluctuations?
What is typically used to measure business cycles?
What is typically used to measure business cycles?
