Price controls A increase economic efficiency. В benefit both consumers and firms. C result in inefficient outcomes. lead to more equitable outcomes than the market solution
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- Textbook affordability advocates maintain that: A. Publishers are largely to blame for the rise in textbook costs B. Publishers are producing low quality texts C. Publishers are offering subscription services to students to maintain their market power D. Both A and C E. None of the abovePrice(per bottle) Quantity supplied Normal timesquantity demanded Hurricanequantity demanded $6 100 25 75 $5 85 35 85 $4 70 45 95 $3 55 55 105 $2 40 65 115 $1 25 75 125 Concerned with citizen complaints of price gouging during past hurricanes, Florida's state government passes a law setting a price ceiling for a bottle of water equal to the market equilibrium price during normal times. After all, it seems unfair that sellers of water gain because of a hurricane. During a hurricane, there would be a shortage of bottles of water. Without the antiprice gouging law, consumers would have to pay $ more than the ceiling price, but they would be able to buy more bottles of water.Sellers are willing to sell their product at a very low price even it high priced items cost more? What is the rational behind this concept? a. To dominate the market with low-cost items b. Low priced items are a magnet for customers to come in and this will create opportunity to sell low priced item with high markup price. c. To lure frequent buyers. d. This reduces the incentives of trade.
- You are an owner of a local Toyota dealership. Your dealership earned record profits of 13 million. In your market, you compete against two other dealers, and the market-level price elasticity of demand for Toyota cars is -1.5. The marginal cost of a car is 120000. What price should you charge for a Toyota car if you expect to maintain your profits?Price discrimination is the practice of selling goods at different prices to different consumers. The most common form of price discrimination is the practice of selling goods to different groups of customers at different prices. Many businesses offer students and senior citizens discounts not available to other customers. Firms engage in price discrimination in an effort to increase their profits. a. Identify three conditions that must be met for price discrimination to occur. b. Discuss the effectiveness of different strategies implemented to deal with the problems caused by increased road transport use in urban areas. c. 'Transportation patterns in Jamaica reflect the flow of people and commerce'. Discuss the significance of this statement highlighting the implications for the country as the government attempts to develop a first-world transportation system.Weekend hotel packages, vacation packages, cable tv plans and season ticket plans are examples of: a. price metrics b. price offer configuration c. price fencing d. price bundling
- Price controls: Group of answer choices A. all of these statements are true. B. can result in inequitable outcomes. C. always increase economic efficiency. D. always lead to more equitable results.The following are the necessary conditions which must be fulfilled for the implementation of price discrimination except for ______ a. there should be no arbitrage b. the market must be divided into sub-markets with different elasticities of demand c. the good or service in question should not be resaleable d. the market must be divided into sub-markets with different elasticities of supplyPrice discrimination is used when a seller faces different demand curves in different markets because: Group of answer choices it increases profits and it can sell to consumers of differing demand elasticities. it can compete on location and product style. it fails to bundle its product. it is a government price loophole.
- Market for TVs are perfectly competitive. Assume TV supply is point elastic and upward sloping Government imposes consumer tax upon TVs. If point elasticity of demand is inelastic, is deadweight loss generated by the tax higher or lower relative to where the point elasticity of demand is elastic.XYZ company uses a technology for producing its good. This enables the firm to meet the entire market demand at a lower price than its two competitors. What factor makes XYZ company a monopolist? a. increasing average total costs. b. a legal barrier to entry. c. Knowledge of exclusive production techniques d. All of theseA business that price-discriminates will generally charge some customers more than marginal cost, and it will generally charge other customers less than marginal cost. True or False
