Related to the Economics in Practice on Page 280: the Foreign

question 259

Multiple Choice

Related to the Economics in Practice on page 280: The foreign visitors to the temples of Laos are typically much richer than the local Laotians. Based on the difference in demand elasticity of foreign visitors and local visitors, the optimal strategy for the temples to maximize revenue is to

• A) charge a higher price to foreign visitors than to local residents.
• B) charge a lower price to foreign visitors than to local residents.
• C) charge the same price to foreign visitors and to local residents.
• D) not charge for admission and rely instead on donations from both local residents and foreign visitors.

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Definitions:

Biomedical Intervention

Medical strategies, treatments, or therapies used to treat specific medical conditions.

Drug Therapy

The treatment of disease or disorder through the administration of pharmaceutical drugs, as opposed to surgery, physical therapy, or other methods.

Electroconvulsive Therapy

A mental health treatment where seizures are deliberately caused in individuals using electricity to alleviate psychological conditions.

Depression

A disorder in mental health, identified by enduring feelings of depression or a decreased interest in activities, significantly affecting life on a day-to-day basis.