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10 Questions

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Price Discrimination in Microeconomics

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Questions and Answers

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?

Monopoly (correct)

Monopolistic competition

Perfect competition

Oligopoly

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?

Maximizing profits and capturing additional consumer surplus Signup and view all the answers

In which industries is price discrimination prevalent?

Education, telecommunications, and healthcare Signup and view all the answers

What is the technical definition of a recession in the United States?

A significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales Signup and view all the answers

How are business cycle fluctuations usually characterized?

By general upswings and downturns in macroeconomic variables Signup and view all the answers

What is the range of periodicity for individual episodes of expansion/recession within business cycles?

Around 2 to 10 years Signup and view all the answers

What term is often used in statistics to describe the process of business cycle fluctuations?

"Stochastic cycle" Signup and view all the answers

What is typically used to measure business cycles?

"Real Gross Domestic Production" Signup and view all the answers