The Following Graph Shows the Demands and Marginal Revenue in Two

question 24

Multiple Choice

The following graph shows the demands and marginal revenue in two markets,1 and 2,for a price discriminating firm along with total marginal revenue,MR_T,and marginal cost. What rule do you follow for price determination for a firm that practices price discrimination?

• A)elasticity and price are not related
• B)price is lower in the higher elasticity market
• C)price is higher in the higher elasticity market
• D)profit is maximized when both prices and elasticities are equal
• E)none of the above

Appreciate the revolutionary spirit of 1776 and its expression through acts of independence, democratic ideals, and the quest for liberty and equality.

Understand the philosophical influences on the Declaration of Independence.

Comprehend the distinctions and outcomes between elite and popular visions of democracy in early American political development.

Grasp the importance and content of Federalist Papers, particularly Federalist No. 10, in shaping American political theory.

---

Definitions:

American Revolution

The political and military conflict between the thirteen American colonies and Great Britain from 1775 to 1783, resulting in the independence of the colonies and the formation of the United States.

World War II

A global conflict that lasted from 1939 to 1945, involving most of the world's nations, including all of the great powers, eventually forming two opposing military alliances: the Allies and the Axis. It was the deadliest conflict in human history.

Wartime Agencies

Organizations created during times of war to oversee production, ration goods, and manage other aspects of the home front.

Production

The process of creating, manufacturing, or outputting goods and services through the combination of labor, materials, and technology.