Yield Management and Price Discrimination Have Enabled Firms to Increase

question 101

Multiple Choice

Yield management and price discrimination have enabled firms to increase profits and, at the same time,

• A)reduce the cost of production.
• B)capture some consumer surplus.
• C)reduce transactions costs.
• D)transfer some producer surplus to consumers.

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Definitions:

Expended Effort

The amount of energy, time, or resources utilized to achieve a result or complete a task.

Self-serving Bias

The common tendency to attribute our successes to internal factors while attributing failures to external ones.

Attribution Style

A concept in psychology that refers to how individuals explain the causes of behavior and events, often categorized into internal (dispositional) or external (situational) attributions.

Fundamental Attribution Error

A cognitive bias that involves overestimating the effect of personality and underestimating the influence of situational factors when explaining others' actions.