Price Discrimination

question 54

Multiple Choice

Price discrimination:

• A)has been illegal in the United States since 1963.
• B)is the practice of charging consumers different prices for the same good or service.
• C)is customarily observed when the sales representative in a store charges each customer what he/she thinks is the highest price the customer will bear.
• D)is most common in perfectly competitive industries.

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Definitions:

1990s

The decade known for its technological advancements, economic globalization, and the end of the Cold War, influencing global politics and culture.

Leading Economic Indicators

Statistical data that precede economic trends and are used to predict future economic activity.

Business Cycle

The fluctuations in economic activity that an economy experiences over time, marked by periods of expansion and contraction.

Business Cycle

The fluctuations in economic activity over time, characterized by periods of expansion (growth) and contraction (recession) in the economy.