Second Degree Discrimination,represented by the $5 Foot-Long Sandwich Available from Subway,occurs

question 117

Multiple Choice

Second degree discrimination,represented by the $5 foot-long sandwich available from Subway,occurs when the price per unit

• A) is consistent over time.
• B) varies from month to month.
• C) varies with the quantity sold.
• D) varies from producer to producer.
• E) is determined by the consumer's willingness to pay.

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Definitions:

Purely Competitive Firm

A business that operates in a market where there are many buyers and sellers, none of which can control market prices.

Profit Maximizing

The process by which a company determines the price and output level that returns the greatest profit.

Labor

The employment of both mental and physical human faculties in the generation of products and the delivery of services.

Capital

Financial assets or the financial value of assets, such as cash or goods, used in a company to fund its operations and facilitate its growth.