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    Practice Set 10 Flashcards

    Study with Quizlet and memorize flashcards terms like A monopoly is best defined as a firm that, Which of the following is LEAST likely to be a monopoly, Which of the following is a barrier to entry for a monopoly and more.

    Practice Set 10

    15 studiers in the last day

    A monopoly is best defined as a firm that

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    Produces a good or service for which no close substitute exist and which is protected by a barrier that prevent other firms firm selling that good or service

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    Which of the following is LEAST likely to be a monopoly

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    A store in a large shopping mall

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    1/13 Created by mgiron22

    Terms in this set (13)

    A monopoly is best defined as a firm that

    Produces a good or service for which no close substitute exist and which is protected by a barrier that prevent other firms firm selling that good or service

    Which of the following is LEAST likely to be a monopoly

    A store in a large shopping mall

    Which of the following is a barrier to entry for a monopoly

    A patent

    A public franchise is

    An exclusive right granted to a firm to supply a good or service

    Public franchises create monopolies by restricting

    Entry

    An industry in which economies of scale allow one firm to supply the entire market at the lowest possible cost is called a

    Natural Monopoly

    When dominant pizza is willing to sell a pizza to a student who lives on campus at a lower price than it sells the identical pizza to a student who lives a block away from campus , the pizza firm

    Practicing price discrimination

    Marginal revenue for a single price monopolist is

    Less than a price

    Single price monopolies maximize profit by producing the amount of output where

    Marginal revenue is equal to marginal cost

    Monopolies can earn economic profit in the long run because of

    Barriers to enter the monopoly's market

    Which of the following is NOT necessary for a firm to engage in price discrimination?

    The firm must be able to separate buyers by preventing resales from one customer to another

    Joe a hair dresser offers students a discount price on haircuts, This form of pricing is an example of

    Price discrimination

    A price discrimination monopolist charges lower prices to customers with

    Lower willingness to pay

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    37 terms heidysantana17

    Verified questions

    ECONOMICS

    Give examples of individuals caught in each of the five types of unemployment. Find new examples.

    Verified answer ECONOMICS

    Suppose the initial peak of a business cycle was January 1, year 1; the trough was July 1, year 2; and the final peak was July 1, year 4. How long was the contraction (in months)?

    Verified answer ECONOMICS

    Give an example of an institutional difference between countries that might explain the differences in income per person.

    Verified answer ECONOMICS

    During stagflation, what happens to the aggregate price level and real GDP?

    \begin{array} { l l } { \text { Aggregate price level } } & { \text { Real GDP } } \\ { \text { a. decreases } } & { \text { increases } } \\ { \text { b. decreases } } & { \text { decreases } } \\ { \text { c. increases } } & { \text { increases } } \\ { \text { d. increases } } & { \text { decreases } } \\ { \text { e. stays the same } } & { \text { stays the same } } \end{array}

    Aggregate price level

    a. decreases b. decreases c. increases d. increases e. stays the same ​ Real GDP increases decreases increases decreases stays the same ​ Verified answer

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    True or False: It is only when marginal revenue equals marginal cost for the last unit of output produced that the firm earns its highest level of profit

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    Microeconimcs

    Find and create gamified quizzes, lessons, presentations, and flashcards for students, employees, and everyone else. Get started for free!

    QUIZ

    Microeconimcs

    Microeconimcs 50%

    1 10th - 12th Destiny Stokes 2 years

    30 Qs

    1. Multiple-choice 30 seconds Q.

    Increasing opportunity cost while moving along a production possibility frontier is due to

    answer choices taxes

    firms' needs to produce profits

    the fact that resources are not equally productive in alternative uses

    the fact that it is more difficult to use resources efficiently the more society produces

    2. Multiple-choice 30 seconds Q.

    The fundamental fact of scarcity implies that every decision involves

    answer choices limited wants unlimited time production costs opportunity costs unlimited resources 3. Multiple-choice 30 seconds Q.

    Economic capital refers to

    answer choices

    corporate stocks and bonds

    money and other financial assets

    net investment minus depreciation

    buildings, machinery, and equipment

    4. Multiple-choice 30 seconds Q.

    All economic resources fall within the categories of

    answer choices

    consumption, saving, or taxes

    wages, rent, interest, and profit

    unlimited, free, energy, or knowledge

    land, labor, capital, or entrepreneurship

    5. Multiple-choice 30 seconds Q.

    The three basic economic questions do NOT include

    answer choices How? What? Where? For whom? 6. Multiple-choice 30 seconds Q.

    The money payment made to owners of land, labor, capital, and entrepreneurial ability are

    answer choices

    interest, wages, rent, and profits respectively

    rent, wages, profit, and dividends respectively

    rent, wages, interest, and profits respectively

    rent, wages, dividends, and interest respectively

    return, wages, interest, and dividends respectively

    7. Multiple-choice 30 seconds Q.

    If an economy is operating at a point inside the production possibilities curve,

    answer choices

    its resources are being wasted

    the curve will begin to shift inward

    the curve will begin to shift outward

    this is a trick question because an economy cannot produce at a point inside the curve

    8. Multiple-choice 30 seconds Q.

    The simple circular flow model shows that

    answer choices

    businesses are on the supply side of both the product and the resources markets

    households are on the demand side of both the product and the resource markets

    households are on the supply side of the resource market and on the demand side of the product market

    businesses are on the demand side of the product market and on the supply side of the resources market

    9. Multiple-choice 30 seconds Q.

    Does voluntary exchange create wealth (value)?

    answer choices

    no, exchange does not expand output

    no, if one person gains, the other party must lose an equal amount

    uncertain, it does when it results in the creation of additional goods and services; otherwise it does not

    Yes, trade generally permits the trading partners to gain more of what they value; this is why they agree to the terms of the exchange

    10. Multiple-choice 30 seconds Q.

    Which of the following will most likely occur under a system of clearly defined and enforced private property rights?

    answer choices

    resource owners will fail to conserve vital resources, even if they expect their scarcity to increase

    resource owners will gain by discovering and employing their resources in ways that are highly valued by others

    resource owners will ignore the wishes of others, including others who would like to use the resource that is privately owned

    resource owners will fail to consider the wishes of potential future buyers when they decide how to employ privately owned resources

    11. Multiple-choice 30 seconds Q.

    The best example of decision making at the margin would be

    answer choices

    dividing your tax bill by your total income

    observing what happens to a household's spending when income doubles

    observing the effect on crop yield that results from doubling the amount of fertilizer

    observing the effect that a small change in income has on the amount of income tax owed and therefore upon after-tax income

    12. Multiple-choice 30 seconds Q.

    The _____________ the opportunity cost of doing something, the ______________ likely it will be done

    answer choices lower, less higher, less higher, more none of the above 13. Multiple-choice 30 seconds Q.

    Suppose that a product benefits from a successful advertising campaign. The result is that

    answer choices

    the demand for the product increases

    the demand for the product decreases

    the supply of the product increases

    the supply of the product decreases

    14. Multiple-choice 30 seconds Q.

    When people's incomes increase, the demand for a good increases. The good is called

    answer choices an inferior good a complement a substitute a normal good 15. Multiple-choice 30 seconds Q.

    If two countries are producing the same two products it is mutually beneficial if the countries specialize

    Source : quizizz.com

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